<a href=www.vheadline.com>Venezuela's Elecronic News Posted: Monday, April 21, 2003 By: Patrick J. O'Donoghue

Energy & Mines Minister (MEM) Rafael Ramirez  has announced the delivery of 60 trucks to a "new" Petroleos de Venezuela (PDVSA) cooperative next Thursday April 24.  

The new cooperative, Ramirez says,  will distribute  gasoline from the PDVSA Yagua (Carabobo) filling station to the central west part of Venezuela and will benefit 500 families that live near the filling area ... "it's the beginning of a new conception orientated towards integrating PDVSA with local organized communities." 

Ramirez claims that the PDVSA restructure will end the model of an elite running the industry by themselves and open the industry to the community. 

Without going into details as to the role of Venezuela's long established cooperative movement, Ramirez says the cooperative movement will join with "organized" communities to distribute gasoline and take over services and operations such as maintenance, food, providing uniforms, tools and other minor works. 

The MEM Minister says joint worker management will be applied to other national industries as well and has promised to open PDVSA's medical resources and other services to local communities.

Our editorial statement reads: VHeadline.com Venezuela is a wholly independent e-publication promoting democracy in its fullest expression and the inalienable right of all Venezuelans to self-determination and the pursuit of sovereign independence without interference. We seek to shed light on nefarious practices and the corruption which for decades has strangled this South American nation's development and progress. Our declared editorial bias is pro-democracy and pro-Venezuela ... which some may wrongly interpret as anti-American. Roy S. Carson, Editor/Publisher Editor@VHeadline.com

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, April 15, 2003 By: Juan Francisco Salas Romero

VHeadline.com reader Juan Francisco Salas Romero writes: In response to Captain Thomas Allsop: Thank you for your comments and the final conclusion is as follow: M/T "MORUY": belonging to Shell International Marine Ltd., the digest of charter requirements for crude and product carriers, the heating cargo system of the vessel shall be capable of the carriage of cargo at a temperature up to 85º C (for crude and black oilers). With storm weather (seawater temperature of 5ºC and a air temperature of 2ºC) the cargo must be raised from 44º C to 66º C in a time of 4 days at sea and normal speed.

You know this norm ... and, also, you know that under the conditions of cargo tanks no. 1 (starboard, center and port) present serious problems because the steam arrives condensed.

I have personal experience in this matter.  So, it is necessary to have working two boilers.

Another position is equivalent to put the vessel under restricted conditions.

M/T "AMBROSIO, MORICHAL, MORUY, PARIA", your horizon is only to 2010.

Sorry, this point of view is not the very best. It is an evident reason of over costs for PDVSA.

It is necessary to add the convenience flags of the vessels, the intermediate manager of Hanseatic Shipping and the precarious situation of PDVSA and PDVSA-Marine oil tankers.

Dear Captain: I know this matter and I keep my position. Please, PDVSA is now under a very low level of production.  So, is inevitable the deficit and the over costs. The way that leads to privatization is free.

If you have a Planning & Preventive Maintenance Program, it is impossible to have the fleet under the current situation. In general, the vessels are under restricted conditions. Is your criteria but not the best way for PDVSA,

Juan Francisco Salas Romero jsalasr@telefonica.net

Oil & Gas-Petroleos de Venezuela and the Revolution let us review some of the contrasts between what PDVSA has given and what the revolution is doing with the money

Our editorial statement reads: VHeadline.com Venezuela is a wholly independent e-publication promoting democracy in its fullest expression and the inalienable  right of all Venezuelans to self-determination and the pursuit of sovereign independence without interference. We seek to shed light on nefarious practices and the corruption which for decades has strangled this South American nation's development and progress. Our declared editorial bias is pro-democracy and pro-Venezuela ... which some may wrongly interpret as anti-American. --  Roy S. Carson, Editor/Publisher  Editor@VHeadline.com

<a href=www.el-carabobeno.com>El Carabobeño (10:11 AM) 

Taipei.- La estatal taiwanesa "Chinese Petroleum Corp." (CPC) anunció hoy que invertirá 550 millones de dólares en la explotación del campo petrolífero venezolano de Corocoro, que producirá 55.000 barriles de crudos diarios para mediados del 2005, tras obtener el permiso correspondiente del Gobierno venezolano, informó Efe.

CPC planea realizar la inversión a través de su filial, "OPIC Karimum Corp", donde posee el diez por ciento de las acciones, y tendrá como socios a la estadounidense "ConocoPhilips Co." y a la italiana "AGIP", con un 50 por ciento y un 40 por ciento de participación respectivamente.

El vicepresidente de CPC, Roy Chiu, declaró que el permiso de explotación concedido al consorcio, que explora el campo petrolífero de Corocoro desde 1996, permitirá recuperar los gastos y comenzar un periodo de ganancias.

El directivo expresó su satisfacción por el acuerdo y recalcó que ayudará a solventar la dependencia de la isla en la importación de crudo y a diversificar las fuentes de suministro.

Por su parte, Su Fu-chen, director del Departamento de Exploración y Producción de CPC, añadió que la empresa espera obtener 4.000 barriles de petróleo diarios en cuanto comience la explotación del campo.

La compañía, que ha registrado pérdidas en otras prospecciones, también prevé que la explotación produzca 100.000 barriles diarios para el 2009.

"Esperamos que en el plazo de cinco años las ganancias de este proyecto constituyan el 30 por ciento de los ingresos totales de CPC", recalcó Chiu.

Sin embargo, Chiu destacó que la Corporación Venezolana del Petróleo (CVP), filial de Petróleos de Venezuela, tiene la opción para comprar entre el 1 y el 35 por ciento de las acciones del proyecto, lo que puede hacer disminuir la participación taiwanesa.

ogj.pennnet.com DATE: March 12, 2003 FROM: PR Newswire

HOUSTON, March 10 /PRNewswire-FirstCall/ -- Harvest Natural Resources, Inc. (NYSE:HNR) today announced that Benton-Vinccler, C.A., its 80 percent owned Venezuelan subsidiary, received $26.7 million as payment for its 2002 fourth quarter oil sales to Petroleos de Venezuela, S.A. (PDVSA). The payment was seven days late and represents full payment of $27.9 million less the normal income tax retention of $1.2 million. In addition, Benton-Vinccler received 2.7 billion Bolivars (approximately $1.7 million) reimbursement from PDVSA for previously paid 2002 fourth quarter value-added taxes. The payments were originally due at the end of February from PDVSA. However, PDVSA had previously advised Benton-Vinccler that the payment would be late due to the disruption in PDVSA's business activities resulting from the national civil strike.

Harvest President and Chief Executive Officer, Dr. Peter J. Hill, said, "We are pleased to have received these outstanding payments due from PDVSA. We believe that the payment demonstrates PDVSA's commitment to building its production levels back to full capacity and returning to more normalized business relations with its customers and suppliers."

Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia. For more information visit the Company's website at www.harvestnr.com .

This press release may contain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical and economic factors.

Source: Harvest Natural Resources, Inc. CONTACT: Steven W. Tholen, Senior Vice President, Chief FinancialOfficer of Harvest Natural Resources, Inc., +1-281-578-8020 Web site: www.harvestnr.com

biz.yahoo.com Monday March 10, 11:36 am ET

HOUSTON, March 10 /PRNewswire-FirstCall/ -- Harvest Natural Resources,Inc. (NYSE: HNR - News) today announced that Benton-Vinccler, C.A., its 80 percent owned Venezuelan subsidiary, received $26.7 million as payment for its 2002 fourth quarter oil sales to Petroleos de Venezuela, S.A. (PDVSA). The payment was seven days late and represents full payment of $27.9 million less the normal income tax retention of $1.2 million. In addition, Benton-Vinccler received 2.7 billion Bolivars (approximately $1.7 million) reimbursement from PDVSA for previously paid 2002 fourth quarter value-added taxes. The payments were originally due at the end of February from PDVSA. However, PDVSA had previously advised Benton-Vinccler that the payment would be late due to the disruption in PDVSA's business activities resulting from the national civil strike.

Harvest President and Chief Executive Officer, Dr. Peter J. Hill, said, "We are pleased to have received these outstanding payments due from PDVSA. We believe that the payment demonstrates PDVSA's commitment to building its production levels back to full capacity and returning to more normalized business relations with its customers and suppliers."

Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia. For more information visit the Company's website at www.harvestnr.com .

This press release may contain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical and economic factors.