Only Conoco-Phillips resisting Chavez Orinoco basin control

ConocoPhillips has refused to sign an agreement which will give PDVSA, the Venezuelan state oil company, control over its share of the production and refining of Orinoco crude, a vast resource of very poor quality oil which needs extensive upgrading.

“Should they continue with us, then we will adopt the modality of joint venture. If, on the contrary, they refuse to do it, we will take up 100 percent of the operations,” he noted.