Belorusneft to contribute $200 thousand into authorized capital of joint oil company in Venezuela

The republican unitary company “Production Association Belorusneft” will make a contribution in the national currency of the Bolivarian Republic of Venezuela equivalent to $200 thousand into the authorized capital of a Belarusian-Venezuelan joint oil company in Venezuela. The decision is envisaged in the Council of Ministers’ resolution #1060. The document has been adopted in line with the Investment Code of Belarus and at the suggestion of the Belneftekhim concern. The joint venture is expected to develop the oil deposits Guara Este and Lagamedia. The commercial oil production in Venezuela can start in December 2007. The teams of geologists of Belorusneft are now in Venezuela examining the oil reserves in the Junin-1 block in the Orinoco River basin. The oil reserves in this area have been proven. The work on estimating the reserves will finish in November this year. Founded in 1966, Production Association Belorusneft explores is a part of the Belneftekhim concern. Belorusneft develops oil deposits, processes hydrocarbon feedstock and sells finished oil products.

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