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02/06/2005:

"Venezuela shifts oil sales strategy"

Venezuela is today's US fourth oil supplier, but this could drastically change in the short term. As the relationship between neo-conservative Washington and leftist Caracas deteriorates day after day, the government of Hugo Chavez is looking for new oil partners in China, Russia, India, Iran and Argentina, as advanced by PRAVDA.Ru.

In the last months, Chavez moved quickly to accomplish his strategy by signing bilateral deals with these countries. More recently, rumours about selling American oil-refining operations used to process Venezuelan crude for the U.S. market, came to confirm what looks to be a trend.

Venezuela is world's fifth oil exporter and responsible for 15 percent of the US imports. Much of that comes through its Houston-based subsidiary, Citgo, which is owned by the Venezuelan state oil company, Petroleos de Venezuela, S.A. (PDVSA). This is the unit Wall Street expects to be sold by Caracas, which could mean a huge operation as Citgo is the ninth-largest refiner in the US.
Full Article: pravda.ru

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