1_F_rid_a_y,_M_~_2_1,_1_~_s Nation

Private sector oil firms seek increased financing

By Psyche Pascual dent of the Venezuelan Pet- stepped-up state aid, a countries, primarily Mexico, 150 state-owned companies sidiary, is studying a list of 33
Daily Journal Staff roleum Chamber. loosening of government Ecuador and Colombia, and.nearly 500 private firms. projects that may be opened
"(With) the magnitude of regulations to encourage where government-run oil Chamber officials com- to private companies, Bocco
Oil industry-related private money that you need to buy private industry, and in- companies and private in- pared their proposal to the said. But he declined to con-
firms are looking to finance the equipment for this actiVI- tensified relations with Pet- dustry work hand in hand. Exjort Financing Fund firm a 36 to 40 percent return
costly projects through the ty, there's no type of financ- roleos de Venezuela, S.A. In Mexico's petrochemical (Finexpo). rate on the profitability of
sale of public stocks and a ing, there's no stimulus," (PDVSA) to identify new industry, for example, petrochemical businesses
government-backed invest- Romero Nava said Thursday. goods and services.
If created, an investment reported by some analysts,
private companies outnumber funa could open up the field
ment fund. "The state has to help in this publicly owned firms by more saying the figures are "pre-
Newly elected Chamber for petrochemical companies, liminary." _
process." than three to one, said Bocco.
Limited credit sources, the Any government invest- President Miguel Bocco also Ramon Carlos Torres, a Bocco said.
devaluation of the bolivar and ment fund would have to pushed for the sale of public Mexican economist from the "We see possibilities of Petroleum Chamber Direc-
the rising cost of heavy e- contain at least Bs.1 billion to stock to encourage private Universidad Nacional demonstrating the quality of tor Enrique Zambrano said
quipment is putting the pinch be effective, chamber officials investment in the petrochem- Autonoma de Mexico our products," Bocco said. chemical plants which manu-
on suppliers of goods and said. ical industry, both in Vene- (UNAM), during a talk " We think that one of the facture complex chemical
services to the state pet- Oil company officials zuela and abroad. Wednesday before the best industries to do so is the compounds · will have to rely
roleum industry, said Edgard marked the chamber's 10th Chamber . officials pointed chamber said the petrochemi- petrochemical market." on small companies to supply
Romero Nava former presi- anniversary calling for to other Latin American cal industry has more than P,equiven, a PDVSA sub- raw materials.