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Venezuela To Invest $48 Billion To Boost Oil Capacity

October 26, 1993

LONDON (AP) _ Venezuelan Oil Minister Alirio Parra said Tuesday his country plans to invest $48 billion over the next 10 years to boost its crude oil production capacity from 2.75 million barrels a day to 4 million a day.

The money will be used to explore new fields, maintain refineries and expand prodcution capacity, Parra said in an address to the annual Oil and Money Conference organized by the International Herald Tribune and the Oil Daily.

The list of projects includes joint venture to open a liquefied natural gas plant with the Royal Dutch-Shell Group; Exxon Corp.; and Mitsubishi Corp.

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