Caracas - The Corporacion Venezolana de Petroleo (Venezuela's Oil Petroleum Corporation in Spanish), a subsidiary of Petroleos de Venezuela, S.A. (PDVSA), takes on 100% of Petrocedeno's joint venture shares, after a successful negotiation process with companies TotalEnergies and Equinor, which grants it full sovereignty over that Venezuelan company.

Within the framework of the Presidential Commission Ali Rodriguez Araque, an oil activity reactivation process was started in the Orinoco Oil Belt, which includes as main strategy the recovery of all Petrocedeno's Upgrader units, in order to achieve the start-up of the operations after being paralyzed for a long time. This important complex will be the central development core of that key oil basin, by means of hydrocarbon transformation.

In the context of their business model transformation at world level within the field of energy transition towards clean energy development, companies Total Oil, Gas Venezuela and Equinor, historical partners of Venezuelan oil industry, continue to express their interest in our new hydrocarbon industry and in the participation of other businesses adapted to the new energy model.

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