PDVSA eyes HK listing for projects

Moving east: PDVSA said to consider Hong Kong listing for projects

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By News Wires

 02 March 2012 23:15 GMT

Petroleos de Venezuela is considering a plan to sell part of its stakes in Orinoco heavy crude joint ventures in a private placement on the Hong Kong stock exchange, according to a company official.

The state-owned oil producer, which has held at least 60% of each Orinoco venture since President Hugo Chavez nationalized the oil industry in 2007, may reduce its stakes to as little as 51%, the official, who isn’t authorized to speak publicly, told Bloomberg today in Caracas.

China’s Citic Securities is advising on the potential listing, the official said.

PDVSA will use proceeds from the deal to invest in the development of the Orinoco belt, one of the world’s largest oil reserves, he said.

The operation would not be considered a privatization, as shares will…

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