Caracas – The Minister of Petroleum and Mines of Venezuela and President of PDVSA, Rafael Ramírez, Eni’s CEO, Claudio Descalzi, and Repsol’s President, Antonio Brufau, signed strategic agreements concerning the exploitation of the Perla field, one of the largest worldwide discoveries of the last decade. The first agreement is a Memorandum of Understanding for the creation of a new company (mixed enterprise) which will develop and produce Perla’s condensate reserves. The new company will be jointly run by CVP (PDVSA’s affiliate) with a 60% participation, Eni with 20% and Repsol with 20%. Currently the condensate reserves are property of the Republic of Venezuela. The second agreement is a Term Sheet which establishes the key elements for up to 1 billion dollars investment structure to finance PDVSA’s (CVP) share in the Perla development. Eni and Repsol will contribute with up to 500 million dollars each. (9colonne)
