PDVSA to partially lift force majeure

www.vheadline.com Posted: Tuesday, February 25, 2003 By: Robert Rudnicki

After declaring force majeure in December which absolved Petroleos de Venezuela (PDVSA) of its contractual obligations to export oil due to unforeseen circumstances, Energy & Mines (MEM) Minister Rafael Ramirez says the company is lifting force majeure on some crudes.

"Some force majeures on some specific crudes have been lifted." However, the minister did not comment on which types of crude were to resume normal export levels.

• Sources quoted by Reuters claim the crudes involved are of the light variety and from the eastern area of Venezuela.

Production levels in the east have been restored much more quickly than those in the west as they are newer and therefore less difficult to return to production.