CARACAS: Algeria’s Sonatrach and Venezuela’s PDVSA would target the US as a market for the two countries’ potential new blend of crude oil, a source at the state-owned Algeria Company said, as the two state-controlled companies continue talks on forming a joint venture for blending and marketing their crudes.
The source said talks have been ongoing for several months between Algiers and Caracas on the venture.
The head of Sonatrach, Said Sahnoun, said in February the companies were working on the blending initiative, which would be part of a “structural relationship” not limited to just the supply of oil.
This followed a move by PDVSA late last year to import Algerian light crude with a view to mixing the barrels with Venezuelan extra heavy crude to upgrade the oil.
