Sincor Heavy Oil Operating Company in Venezuela to Become Mixed Company
Total announced today that it has signed a memorandum of understanding with Venezuela’s ministry in charge of energy and petroleum to transform operating company Sincor, formed by the project partners, into a mixed company. The agreement is in line with the law of February 26, 2007, passed by presidential decree, on transforming strategic joint ventures in the Faja region, known as the Orinoco Belt, into mixed companies. Under the memorandum of understanding, Total’s interest in Sincor will be reduced to 30.323% from 47%, while PDVSA’s will increase to 60%. Statoil’s interest will be 9.677 %.