REVIVAL OF REFINERY?Venezuelan and Libyan oil officials have discussed the viability of investing in an idle Soviet-built Cuban oil refinery, although the project was previously rejected by Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , reports Reuters Reuters
British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. (July July: see month. 26, 2002):
Petroleos de Venezuela (PDVSA PDVSA Petroleos De Venezuela, SA ) President Ali Rodriguez said experts from his company had shared information with visiting Libyan National Oil Co. officials about the Cienfuegos refinery, located on Cuba's south-central coast. The Libyan delegation held two days of consultations with PDVSA in Caracas, then flew to Cuba to continue their study of the Cienfuegos project, he added;
Venezuela, the world's fifth largest oil exporter and a supplier of oil to Cuba, had previously explored investing in the refinery, which has an estimated annual capacity of 3 million tons. The installation was all but finished in 1991, when the Soviet Union collapsed, but has never gone into production. Rodriguez said PDVSA had concluded at that time that a modernization modernization
Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, project was not viable. Analysts say the Cienfuegos refinery is believed to require at least a US$200 million investment to begin some operations.