Venezuela to help build oil refinery in Vietnam, Chavez says
CARACAS - President Hugo Chavez said Venezuela plans to help build an oil refinery in Vietnam and could use funds earned in his government's recent sale of its share in a Texas refinery.
Chavez announced the plan Friday night in a speech as Venezuela signed 13 accords with visiting officials from Vietnam to cooperate in areas from mining to electrical projects.
He said Venezuela could use the proceeds from the August sale of its minority share in the Lyondell-Citgo refinery in Texas. The deal was valued at some US$2.1 billion (euro1.7 billion), and Venezuela reported it earned about US$1.3 billion (euro1 billion) after debt payments and taxes.
"We could take a part of that and invest with PetroVietnam and build a modern refinery in Vietnam's territory,'' Chavez said, without offering details.
Among the deals signed by the two countries, Chavez mentioned a plan to cooperate on building oil tankers. He said Vietnam also would help Venezuela in solar energy and would help set up a motorcycle factory in the South American country. -
The Associated Press - October 7, 2006.
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