Total Energies, Equinor exit Venezuela upgrading venture

Total Energies, Equinor exit Venezuela upgrading venture

Photo: Marco Bello – Reuters

 

Total Energies and Norway’s state-controlled Equinor will exit a Venezuelan heavy-crude upgrading venture. Their stakes in the 190,000 b/d PetroCedeno facility will be transferred to state-owned PdV.

By Argus – Ben Winkley

Jul 29, 2021

Total Energies said today that it took an exceptional capital loss of $1.38bn during the quarter as a result. Equinor confirmed the transaction but did not give financial details. The former held 30.3pc in PetroCedeno and the latter 9.7pc. PdV is now the sole owner.





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