Venezuela Cerro Negro project shuts syncrude unit

www.forbes.com Reuters, 03.06.03, 3:30 PM ET CARACAS, Venezuela, March 6 (Reuters) - Venezuela's foreign-financed Cerro Negro extra heavy oil upgrading project has temporarily shut down its synthetic crude processing unit, project partner ExxonMobil (nyse: XOM - news - people) said on Thursday. "The plant's process operations have been temporarily and safely shut down," an ExxonMobil statement said. An investigation determined the fuel gas system had been upset but did not give further details. The upgrading unit, which has the capacity to process 120,000 barrels per day (bpd) of extra heavy crude from the Orinoco region into 108,000 bpd of light synthetic oil, was restarting after a strike by foes of President Hugo Chavez cut gas feedstock supplies and forced a temporary shutdown. The statement said the project continued to pump some 60,000 bpd of extra heavy oil. The oil was being placed into storage until the processing unit resumes operations.