Sulzer and PDVSA are collaborating on a variety of oil and gas applications. Sulzer technologies are used in PDVSA's upstream, pipeline, refinery, and fuel distribution sectors, complemented by comprehensive process and plant services. The new agreement, established in compliance with regulatory requirements, creates a long-term basis to bring in this expertise as Venezuela enters a new phase of investment and development in its oil and gas sector.
Venezuela boasts one of the world's largest oil reserves with more than 300 billion barrels, with a significant portion of these resources concentrated in the Orinoco Belt and the region around Lake Maracaibo. A large part of Venezuela's resource base consists of heavy and extra-heavy crude oil, requiring the use of specialized technologies. As the country seeks to increase its production, the oil industry requires continuous investments, technologies, and expertise to strengthen and modernize the infrastructure for extraction, processing, and refining.
Suzanne Thoma, Executive Chair of Sulzer: "Our long-standing presence in the country has provided us with a profound understanding of the local industrial landscape and operational requirements. This agreement combines our diverse competencies to support PDVSA and contribute to its long-term development."
This press release may contain forward-looking statements, such as those regarding financial developments, market trends, or future product and solution performance. Such statements are subject to risks, uncertainties, and other factors that may cause actual results to differ significantly from those expressed or implied. Sulzer does not undertake to update or revise the statements made herein, unless legally required.
Media Relations
Marlène Betschart
Head of Communications
news@sulzer.com
Investor Relations
Thomas Zickler
Chief Financial Officer
investor.relations@sulzer.com