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Venezuela hopes 100 Million Investment Will Boost Sluggish Petroleum Sector

Venezuela hopes 100 Million Investment Will Boost Sluggish Petroleum Sector  (MZinchenko / Shutterstock)

With the Venezuelan oil sector in protracted decline Royal Dutch Shell, in cooperation with the Governments of Venezuela,Trinidad and Tobago, is considering building a 17 km pipeline from Venezuela's Dragon gas field to the Hibiscus platform off the north coast of Trinidad.

Venezuela's State-owned oil and gas company Petroleos de Venezuela (PdV) President Eulogio del Pino said at the press conference: "We've signed an agreement to supply gas to Trinidad through the National Gas Company of T&T (NGC) and Shell, and also to build a gas pipeline between Venezuela and Trinidad."

The project will require an estimated $100 million investment.

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