ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS
Italy's state-owned Ente Nazionale
Idrocarburi (ENI) will invest 197 mln dlrs in two joint
ventures in coal and petrochemicals with Petroleos de
Venezuela, S.A, ENI president Franco Reviglio said.
    Speaking at a news conference, Reviglio said the two
projects will eventually bring in some 300 mln dlrs annually in
foreign exchange to Venezuela and help diversify the country's
export base. "Joint ventures are the principal instrument for
allowing the resources of the industrialized countries to be
channeled to the developing world so as to lead future growth
for both," Reviglio said.
    ENI's subsidiary Ecofuel will join Pequiven, the
petrochemical subsidiary of PDVSA in building a 160 mln dlr
plant to produce mtbe, a gasoline additive used to increase
octane levels.
    The 500,000 mt per year plant will be constructed at Jose
in eastern Venezuela, and fed by butane produced at PDVSA's
eastern cryogenic complex. ENI owns 48 pct of the joint venture
company, Super Octanos, C.A., while Pequiven has 49 pct, with
the remaining three pct to be sold to private investors.
    Production is set to begin in third quarter 1989. Ecofuel
officials said the plant is modeled after one in Saudi Arabia.
    Another ENI subsidiary, Agip Carbone, will sign a letter of
intent in Caracas tomorrow to enter a partnership with PDVSA to
mine the coal deposits at guasare in western zulia state, he
said.
    Feasibility studies are still being done on the carbozulia
project, with a definitive accord slated for august, he added.
    Agip carbone and atlantic richfield coal, an arco
subsidiary have formed a consortium which will own 48 pct of
the carbozulia project, whose total cost is estimated at 500
mln dlrs, the company said. Agip carbone will invest 24 pct, or
120 mln dlrs, in the project, it said.
 Reuter
