ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS

  Italy's state-owned Ente Nazionale
  Idrocarburi (ENI) will invest 197 mln dlrs in two joint
  ventures in coal and petrochemicals with Petroleos de
  Venezuela, S.A, ENI president Franco Reviglio said.
      Speaking at a news conference, Reviglio said the two
  projects will eventually bring in some 300 mln dlrs annually in
  foreign exchange to Venezuela and help diversify the country's
  export base. "Joint ventures are the principal instrument for
  allowing the resources of the industrialized countries to be
  channeled to the developing world so as to lead future growth
  for both," Reviglio said.
      ENI's subsidiary Ecofuel will join Pequiven, the
  petrochemical subsidiary of PDVSA in building a 160 mln dlr
  plant to produce mtbe, a gasoline additive used to increase
  octane levels.
      The 500,000 mt per year plant will be constructed at Jose
  in eastern Venezuela, and fed by butane produced at PDVSA's
  eastern cryogenic complex. ENI owns 48 pct of the joint venture
  company, Super Octanos, C.A., while Pequiven has 49 pct, with
  the remaining three pct to be sold to private investors.
      Production is set to begin in third quarter 1989. Ecofuel
  officials said the plant is modeled after one in Saudi Arabia.
      Another ENI subsidiary, Agip Carbone, will sign a letter of
  intent in Caracas tomorrow to enter a partnership with PDVSA to
  mine the coal deposits at guasare in western zulia state, he
  said.
      Feasibility studies are still being done on the carbozulia
  project, with a definitive accord slated for august, he added.
      Agip carbone and atlantic richfield coal, an arco
  subsidiary have formed a consortium which will own 48 pct of
  the carbozulia project, whose total cost is estimated at 500
  mln dlrs, the company said. Agip carbone will invest 24 pct, or
  120 mln dlrs, in the project, it said.
  

