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Texaco fuel card news: Chevron 'in the running for Venezuelan oil deal'

10 February, 10
Texaco fuel card customers have been told that the diesel brand's parent company is in the running to land a major oil contract in Venezuela.

Chevron is said to be one of the frontrunners in the bid to develop the South American country's vast Orinoco oil belt, which is thought to contain more than 100 billion barrels of the hydrocarbon.

When president Hugo Chavez makes his ruling on which oil giant to award the contract to, it will be the largest deal oil investment in Venezuela during his 11 years in power.

Alongside Chevron, Spanish firm Repsol are reported to be the other company which could secure the lucrative deal.

It would be a major success for Chevron if it is awarded the contract, Eurasia Group analyst Patrick Esteruelas told Reuters, because of the country's "complete lack of private investment in the oil industry in more than a decade".

The news could come as a boost to the company after it saw its profits fall by 56 per cent year-on-year in the final quarter of 2009.

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Posted by Sean WebbADNFCR-2675-ID-19608675-ADNFCR

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Texaco fuel card news: Chevron 'in the running for Venezuelan oil deal'