Chinese, Pequiven discuss petrochem JVs

A delegation from Chinese oil company Sinopec is currently in Venezuela to discuss petrochemical joint ventures with Pequiven, the petrochemical subsidiary of state oil firm PDVSA, a Pequiven official told BNamericas Friday. Heading the Chinese delegation is Sinopec''s senior vice-president Wang Tianpu. The joint ventures Beijing-based Sinopec envisions are in the urea-based fertilizers business, and there has been talk of building a fertilizers plant jointly with Pequiven. The Sinopec delegation toured Venezuela''s largest petrochemical complex, Jose, in Anzoátegui state and home to several high-profile petrochemical joint ventures, including Metor in which Pequiven and Japan''s Mitsubishi are partners. Sinopec and Pequiven have agreed to exchange technical delegations after this initial visit. Sinopec is also interested in advising Pequiven on building infrastructure for offshore natural gas processing as well as in plant construction, where Sinopec has extensive experience, the official said. Venezuela is home to extensive natural gas reserves, with proven reserves of 150 trillion cubic feet and potential reserves of more than double that. The administration of President Hugo Chávez has made it a central tenet of its energy policy to seek to develop these gas reserves. In related news, Pequiven''s executive headquarters may soon be moved from the capital city of Caracas to Morón, an industrial city in Carabobo state, the official said. Morón is home to PDVSA''s El Palito refinery.