Article: VENEZUELA: JOINT VENTURE CONSTRUCTION START-UP ON PROPOSED $2,000,000,000 LIQUEFIED NATURAL GAS DEVELOPMENT PROJECT IS TENTATIVELY SCHEDULED TO BEGIN SOME TIME DURING THE YEAR 2001, PETROLEOS DE VENEZUELA SA (PDVSA), ROYAL DUTCH/SHELL GROUP [NETHERLANDS/UK], EXXON MOBIL CORP. [USA] & MITSUBISHI PETROLEUM DEVELOPMENT CO LTD. (MPDC) [JAPAN] - Order #: 0710700.

PROJECT OVERVIEW

Subsequent to about a decade of deli dallying regarding the implementation of a liquified natural gas (LNG) export project the undertaking is finally moving ahead as a result of the arrival of the new President, Hugo Chavez, on the scene. As a result, a memorandum of understanding (MOU) was recently signed by an international consortium to implement the development project. The partners in the planned undertaking include the local PETROLEOS DE VENEZUELA SA (PDVSA), U.S.-based EXXON MOBIL CORP., the ROYAL DUTCH/SHELL GROUP of the Netherlands/UK in conjunction with MITSUBISHI PETROLEUM DEVELOPMENT CO LTD. (MPDC) of Japan.

Construction ...

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