Conoco's Dunham and McKee Meet With Venezuelan President Chavez.HOUSTON--(BUSINESS WIRE)--June 11, 1999-- Conoco President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Archie W. Dunham and Executive Vice President Rob McKee today held substantive talks with Venezuelan President Hugo Chavez concerning Conoco's activities and investment in Venezuela. "We are encouraged by President Chavez's vision for Venezuela, and look forward to a long and economically beneficial relationship with the people of Venezuela. I was particularly pleased with President Chavez's sensitivity toward the needs of foreign investors, and I'm optimistic that Venezuela is a country where Conoco can grow long-term," said Dunham. Conoco's (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) joint venture with Petroleos de Venezuela, Petrozuata, is a $2.4 billion project. Over the 35-year life of the project, Petrozuata will produce extra-heavy crude oil (9 degree API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. ) from Venezuela's Orinoco Belt, blend it with a diluent diluent /dil·u·ent/ (dil´oo-int) 1. causing dilution. 2. an agent that dilutes or renders less potent or irritant. dil·u·ent adj. Serving to dilute. n. , transport it to facilities at Jose on the northern coast, and upgrade it into a synthetic crude oil for export. Production began in August 1998; the upgrader facilities are expected to be completed in 2000. Dunham, McKee and President Chavez also discussed Conoco's previously announced discovery in Venezuela's Gulf of Paria West. Conoco is a major, integrated energy company based in Houston and active in 40 countries. |
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