8 billion project have been further dented by lower than expected revenues from early production, according to credit rating agency Standard and Poor's. It is $450 million according to Standard and Poor's when you compare the sales of early production against capitalising them. But really the cost increase that we have is around $350 million to $380 million, Petrozuata president Maria Lizardo told journalists at a celebration marking production of the first barrel.
Petrozuata rolls out first barrel of heavy oil
VENEZUELA'S Petrozuata heavy oil venture has run about $400 million over budget due to higher than expected wage bills and an overvaluation of the local bolivar currency, company officials said. The finances of the $2.
31 October 1998 0:00 GMT
Updated
31 October 1998 0:00 GMT
