ENERGY BRIEFS

ENERGY BRIEFS

VENEZUELA TO SET UP

CRUDE-PROCESSING PLANT

NEW YORK - Intevep, a research affiliate of state oil company Petroleos de Venezuela SA, plans to set up a $168 million heavy crude processing plant that will use a company-developed technology known as "HDH," the OPEC News Agency said.

Gustavo Inciarte, president of Intevep, said the plant would be built at the Cardon refinery on the Paraguana peninsula, operated by PDVSA subsidiary Maraven, the agency said.

Construction would begin next year, with production set to begin in mid- 1997, Opecna said.

The plant will be able to produce about 15,000 b/d of products refined

from Venezuela's extra-heavy crudes and refinery residuals.

CHEVRON CHIEF EXPECTS

STABLE OIL PRICES

CHICAGO - Kenneth Derr, chairman and chief executive of Chevron Corp., said Tuesday he expects world oil prices to continue to average between $20 and $21 a barrel in coming years, as they have the past four years.

"Crude over the last four years has remained in a $20-to-$21 range, with a lot of variations. I would expect a continuation of that $20-to-$21 trend is reasonable for the next few years," Mr. Derr said at the American Petroleum Institute annual convention.