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August 11, 1992 | JACK SEARLES
An official of Oxnard-based Benton Oil & Gas Co. branded as "grandstanding" a Venezuelan congressional leader's demand for an investigation of a contract for Benton to reactivate three of that country's abandoned oil fields. The pact calls for Benton to join with a Venezuelan construction firm and an affiliate of the national oil company Petroleos de Venezuela S.A. in reactivating fields said to contain about 100 million barrels of oil.
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BUSINESS
February 13, 2008 | Chris Kraul and Mery Mogollon Special to The Times
Venezuela on Tuesday suspended all commercial relations with Exxon Mobil Corp., including any deliveries of crude and oil products, amid a bitter dispute over the nationalization of the U.S. oil giant's heavy oil field. The move comes days after Exxon Mobil won backing from courts in the United States, Britain and the Netherlands to freeze as much as $12 billion in assets belonging to the Venezuelan state oil company as part of its strategy to recoup its investment.
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BUSINESS
August 31, 1992 | From Times Staff and Wire Reports
Venezuela May Sell Citgo Stake: Venezuelan President Carlos Andres Perez has ordered his country's state-owned oil company, Petroleos de Venezuela, to sell half of its wholly owned U.S. subsidiary, Citgo Petroleum Corp. Perez said he made the decision on Citgo "because it's no longer a good business." However, Perez said the state company will have to wait until the market recovers to sell the shares at a profit. Petroleos de Venezuela bought 50% of Citgo in 1986 and the remainder in 1990.
BUSINESS
February 8, 2008 | Chris Kraul, Times Staff Writer
Exxon Mobil Corp. won a round in its bitter fight against Venezuela's state oil company Thursday as courts in several countries said they would freeze $12 billion in international assets held by Petroleos de Venezuela. Last year, Venezuelan President Hugo Chavez nationalized a heavy oil field in eastern Venezuela, and Exxon Mobil has been seeking to recover the value of its investment in the site ever since.
BUSINESS
December 3, 1988 | DONALD WOUTAT, Times Staff Writer
Unocal expects to receive more than $500 million from the sale of half its Chicago-area oil refinery to Venezuela's national oil company, the U.S. oil firm said Friday. Los Angeles-based Unocal said it has tentatively agreed to form a joint venture that, as previously reported, would operate a 147,000-barrel-per-day refinery in Lemont, Ill. The venture would be owned 50-50 by Unocal and Petroleos de Venezuela, or Petroven.
BUSINESS
June 23, 1992
Benton Oil & Gas Co. in Oxnard said Venezuela's national oil company has granted Benton and its joint-venture partner, the Venezuelan construction company Vinccler CA, the right to further develop three oil fields in Venezuela. The joint venture will make all investments needed to reactivate the fields and will receive an undisclosed fee for each barrel of crude oil produced, Benton said. Initial production should begin by mid-1993, it added.
BUSINESS
February 15, 1990
Chevron Corp. said it will sell an unused refinery and an operating shipping and storage facility in the Bahamas to Venezuela's state-owned oil company. No terms were disclosed for the mostly cash deal with Petroleos de Venezuela, which owns the Citgo oil company. The deal must be approved by the governments of the Bahamas and Venezuela.
NEWS
March 29, 2001 | From Times Wire Reports
Tens of thousands of workers in Venezuela's oil industry went on strike to demand a pay hike. Union leaders said 92% of 40,000 workers honored the strike. Petroleos de Venezuela, the government oil monopoly, insisted that operations weren't affected. Venezuela, the world's third-largest oil exporter and a major supplier to the U.S., says it can withstand a strike for seven days before exports are affected.
BUSINESS
April 25, 1997 | Bloomberg News
Chevron Venezuela said it expects to sign an agreement within five weeks to build an $800-million to $900-million aromatics plant in Venezuela. The project will be a 50-50 joint venture between Chevron Venezuela, a unit of San Francisco-based Chevron Corp., and Productos Especiales, or Proesca, a unit of state oil company Petroleos de Venezuela. The plant will process refinery byproducts into commercial petroleum aromatics such as benzene, toluene and xylene.
BUSINESS
December 2, 2005 | From Associated Press
BP and Royal Dutch Shell have agreed to form joint ventures with Venezuela's state oil company, replacing contracts under which they pumped crude independently, Venezuela's oil minister said Thursday. BP and Royal Dutch Shell are among 15 companies that have signed transitional agreements to move toward the joint ventures, Oil Minister Rafael Ramirez said.
BUSINESS
December 2, 2005 | From Associated Press
BP and Royal Dutch Shell have agreed to form joint ventures with Venezuela's state oil company, replacing contracts under which they pumped crude independently, Venezuela's oil minister said Thursday. BP and Royal Dutch Shell are among 15 companies that have signed transitional agreements to move toward the joint ventures, Oil Minister Rafael Ramirez said.
NEWS
March 29, 2001 | From Times Wire Reports
Tens of thousands of workers in Venezuela's oil industry went on strike to demand a pay hike. Union leaders said 92% of 40,000 workers honored the strike. Petroleos de Venezuela, the government oil monopoly, insisted that operations weren't affected. Venezuela, the world's third-largest oil exporter and a major supplier to the U.S., says it can withstand a strike for seven days before exports are affected.
BUSINESS
January 8, 1999 | Bloomberg News
Chevron Corp., the fourth-largest U.S. oil company, and Petroleos de Venezuela are in talks regarding a $1.5-billion venture to manufacture aromatics--the building blocks of plastics, solvents and pharmaceuticals. If San Francisco-based Chevron and PDVSA unit Proesca decide to go ahead, the venture could begin production in 2002, a PDVSA spokesman said. Production would be about 1.3 million tons a year of aromatics, including benzene and xylene.
BUSINESS
January 8, 1999 | From Bloomberg News
Chevron Corp., the fourth-largest U.S. oil company, and Petroleos de Venezuela are in talks regarding a $1.5-billion venture to manufacture aromatics--the building blocks of plastics, solvents and pharmaceuticals. If San Francisco-based Chevron and PDVSA unit Proesca decide to go ahead, the venture could begin production in 2002, a PDVSA spokesman said. Production would be about 1.3 million tons a year of aromatics, including benzene and xylene.
BUSINESS
April 25, 1997 | Bloomberg News
Chevron Venezuela said it expects to sign an agreement within five weeks to build an $800-million to $900-million aromatics plant in Venezuela. The project will be a 50-50 joint venture between Chevron Venezuela, a unit of San Francisco-based Chevron Corp., and Productos Especiales, or Proesca, a unit of state oil company Petroleos de Venezuela. The plant will process refinery byproducts into commercial petroleum aromatics such as benzene, toluene and xylene.
BUSINESS
January 9, 1997 | Times Staff and Wire Reports
Science Applications International Corp. said it has created an information technology company with state oil company Petroleos de Venezuela, also known as PDVSA. San Diego-based SAIC, which is employee-owned, said the investment is its largest in Latin America. SAIC holds 60% of the joint venture, named Intesa, and PDVSA holds the other 40%. PDVSA declined to disclose the capitalization of the new company, which began operations Jan. 2.
BUSINESS
February 8, 2008 | Chris Kraul, Times Staff Writer
Exxon Mobil Corp. won a round in its bitter fight against Venezuela's state oil company Thursday as courts in several countries said they would freeze $12 billion in international assets held by Petroleos de Venezuela. Last year, Venezuelan President Hugo Chavez nationalized a heavy oil field in eastern Venezuela, and Exxon Mobil has been seeking to recover the value of its investment in the site ever since.
BUSINESS
August 31, 1992 | From Times Staff and Wire Reports
Venezuela May Sell Citgo Stake: Venezuelan President Carlos Andres Perez has ordered his country's state-owned oil company, Petroleos de Venezuela, to sell half of its wholly owned U.S. subsidiary, Citgo Petroleum Corp. Perez said he made the decision on Citgo "because it's no longer a good business." However, Perez said the state company will have to wait until the market recovers to sell the shares at a profit. Petroleos de Venezuela bought 50% of Citgo in 1986 and the remainder in 1990.
BUSINESS
August 11, 1992 | JACK SEARLES
An official of Oxnard-based Benton Oil & Gas Co. branded as "grandstanding" a Venezuelan congressional leader's demand for an investigation of a contract for Benton to reactivate three of that country's abandoned oil fields. The pact calls for Benton to join with a Venezuelan construction firm and an affiliate of the national oil company Petroleos de Venezuela S.A. in reactivating fields said to contain about 100 million barrels of oil.
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