Venezuela will sharply increase production of petrochemicals in the next several years to become a world leader in the industry, President Hugo Chavez said on Saturday.
Chavez's remarks came as state petrochemical firm president Saul Ameliach announced a plan to increase output from 11.5 million tonnes to 32 million tonnes a year by 2012.
"Venezuela has what it takes to be a world power in petrochemicals, and we're going to be just that," Chavez said at a swearing-in ceremony for new board members of Corporacion Petroquimica de Venezuela SA, commonly known as Pequiven.
Ameliach announced investments of nearly US$5.4 billion in 22 petrochemical projects, including construction of new plants and upgrades to existing ones. Officials previously had spoken of plans to invest some US$3.9 billion in the next six years.
Chavez began the event helping to shovel out cement to start construction on a new plant that will produce ammonia and urea in the north-central state of Carabobo.
Chavez rattled off a long list of products that oil-producing Venezuela can manufacture with its petrochemicals, from fertilizers to plastics. He said Pequiven aims to increase its earnings tenfold, from US$1.2 billion today to some US$12 billion within six years.
Chavez, who says he is leading Venezuela toward socialism, said Venezuela's petrochemical industry "has started to walk with its own legs ... and later it will fly with its own wings."
Chavez also raised the idea of starting a South American petrochemical project with participation by other governments.
"Why can't we talk about Pequi-sur -- the petrochemical company of the south?" Chavez remarked to his energy minister during the speech. "We're thinking about a strategic alliance in the area of petrochemicals with Brazil, with Bolivia."
Chavez also has proposed a network of South American natural gas pipelines and has signed preferential oil deals with friendly governments throughout Latin America and the Caribbean.
He asked Energy Minister Rafael Ramirez to take his proposal of a joint petrochemical complex to the government of his close ally, leftist Bolivian President Evo Morales.
Chavez said Brazil and other countries also could be invited to play a role, and that businesspeople from countries including Russia, Iran, Qatar and the US had expressed interest in investing in Venezuela's petrochemical projects.
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