India, Venezuela decided to explore new areas of cooperation

[Judi Lynn]

1. Venezuela, India agree to build naphtha production unit

Venezuela, India agree to build naphtha production unit
CARACAS Fri Dec 20, 2013 4:38pm EST

Dec 20 (Reuters) - Venezuela and India have agreed to build a naphtha production unit in the South American OPEC nation in the latest sign of widening energy ties between the two countries, Venezuela's foreign minister said on Friday.

Foreign Minister Elias Jaua did not give further details about the deal, nor the size of the proposed unit. Several big Indian energy firms, including Reliance Industries, already work with Venezuela's state oil company PDVSA.

In brief comments carried by Venezuelan state TV, Jaua said the unit would be built in the Orinoco extra heavy oil belt. The naphtha, a liquid mixture of hydrocarbons, would then be mixed with the area's tar-like crude to produce lighter oil for export.

"These are joint investments aimed at producing the fuel, the primary material, required for the energy that India needs for its impressive industrial, scientific and technological development," Jaua said.

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http://www.reuters.com/article/2013/12/20/venezuela-india-naphtha-idUSL2N0JZ1VC20131220?rpc=401&feedType=RSS&feedName=rbssIndustryMaterialsUtilitiesNews&rpc=401