Venezuela's Chavez says wants to work with Pemex

Thu Apr 10, 2008 10:46pm BST
 
Email | Print | | Single Page
[-] Text [+]

CARACAS, April 10 (Reuters) - Venezuela's President Hugo Chavez said on Thursday he would like state oil company PDVSA to work with its Mexican counterpart Pemex, which is hoping for legal changes to let it work more with foreign partners.

Socialist Chavez frequently signs cooperation and exploration agreements in the oil sector with countries in Latin America and beyond.

"I hope that sooner rather than later we can sign an agreement between Pemex and PDVSA," Chavez said during a meeting with relatives of Mexican revolutionary hero Emiliano Zapata.

He gave no details of the type of agreement he had in mind. Mexico and OPEC-member Venezuela are both top suppliers of crude to the United States, but Pemex is barred by law from forming private or foreign partnerships.

Mexican lawmakers are considering an energy reform proposal by the conservative government that would open the state-run oil and gas industry to more foreign investment in a bid to boost declining output and reserves.

Leftist lawmakers stormed the floor of Congress on Thursday in a rowdy protest against what they see as creeping privatization, but most analysts expect the proposal to get enough backing from centrists to see the light.

Despite a nationalization drive by Chavez, the Venezuelan oil industry is open to foreign and private investment. (Reporting by Frank Jack Daniel; Editing by David Gregorio)

 
Currency
US $ inGBP =0.5605
Euro inGBP =0.8049
¥en inGBP =0.0052

Most Popular on Reuters UK

  • Articles
  • Videos
  • Searched
  • Recommended