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Venezuela Buys Colombian Gas

Venezuela's state-owned oil company Petroleos de Venezuela SA, or PdVSA, is buying between 80 million and 90 million cubic feet of natural gas from Colombia

Venezuela's state-owned oil company Petroleos de Venezuela SA, or PdVSA, is buying 80-90 million cubic feet of natural gas from Colombia, Colombian Mines and Energy Minister Hernan Martinez said.

The gas is transported by a pipeline that was recently built and inaugurated in October.

"We fulfill our part of the contract and they fulfill theirs," Martinez said. "Actually they are even buying a little more that agreed."

The gas is produced in the Ballena field in the Colombian northern province of Guajira by Colombian state-owned oil company Ecopetrol SA and Chevron Corp. PdVSA had first offered to buy 50 million cubic feet of gas a day.

According to the agreement, PdVSA spent $467 million to build a 224-kilometer pipeline to ship Colombian gas to Maracaibo, according to the Venezuelan government.