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Why should Venezuela import oil having i …

October 21, 2014

On October 26, the first shipment of two million tons of crude imported from Algeria will arrive in Venezuela, which will mark a historic milestone after more than one hundred years of oil production and export. In November, the oil will arrive from Russia. This was confirmed yesterday by the state-owned company Petróleos de Venezuela (PDVSA), by justifying that “the importation of light crude from Algeria is to dilute the extra-heavy oil from its Hugo Chávez Oil Belt (formerly the Orinoco Belt)”, the largest reserve of the world with more than 270,000 million barrels of crude oil, with a capacity for about 200 years.

This is the official version, but what lies behind it is that Venezuela needs foreign technology to process the black gold on which it depends. Thus, its supposed source of energy sovereignty is nothing more than dependence. In a classic behavior of a heteronomous country, Venezuela provides the raw material and foreign capital provides the complex infrastructure necessary for its exploitation.

via Why should Venezuela import oil despite its huge oil reserves? – ABC.es.

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