PDVSA and Shell Advance $2.7 Billion LNG Project in Venezuela

The Mariscal Sucre LNG project, a collaboration between PDVSA, Shell, and Mitsubishi Corporation, is advancing with a total investment of $2.7 billion. This initiative focuses on extracting, processing, and exporting liquefied natural gas from the Norte de Paria gas fields, contributing 4.7 million tons per annum capacity and supplying 300 million cubic feet per day to the local market.

The project aims to enhance Venezuela's natural gas export capabilities and stimulate local employment. The next steps include finalizing the Project Development Agreement and the Joint Venture Agreement, with project startup anticipated in 2007. Successful implementation could significantly impact the Venezuelan economy by boosting local industry participation.