Bitumenes Orinoco, S.A.

BITUMENES ORINOCO, S.A., "THE POWER OF SUSTAINABLE DEVELOPMENT"

Bitúmenes Orinoco, S.A. (PDVSA BITOR) a wholly owned subsidiary of Petróleos de Venezuela, S.A., (PDVSA) one of the largest energy corporations of the world, is the PDVSA affiliate responsible for the development, production and international marketing of its brand fuel Orimulsion® , a new generation boiler fuel designed mainly for power generation and other industrial uses.

ORIMULSION, "Natural Energy For a Brigther World"

Orimulsion® is the trade name given to the fossil fuel produced from natural bitumen which has been extensively utilized on a commercial scale, proving its value as a new economically – attractive alternative for electricity generation. Venezuela’s vast reserves of natural bitumen in the Orinoco Belt guarantee the reliable supply of Orimulsion® well into the XXII century.

Orimulsion® is a liquid fuel produced by the application of technology developed by INTEVEP, S.A. (the Petróleos de Venezuela, S.A. affiliate dedicated to research and development), in the face of growing energy requirements and of the opportunity to develop the bituminous resources of the Orinoco Belt. This fuel is specifically geared for use by power utilities and in the industrial sector. Already utilized successfully in electricity plants and cement facilities in the United States, Canada, Barbados, the United Kingdom, Japan, Denmark, Italy, China, Lithuania and Germany with positive results, Orimulsion® represents a very attractive economic and environmental alternative for competing advantagously in ever increasing energy markets.

ORIMULSION: A RELIABLE PRODUCT AT COMPETITIVE PRICES

The physical and chemical characteristics of Orimulsion® permits its utilization in a manner similar to that used for conventional liquid fuels facilitating its transportation, storage and handling.

The main constituents of Orimulsion® are shown below.

PROPERTIES	TYPICAL VALUE
Water content, wt%	29.2
Mean droplet size, m m	14.6
Density (15° C), g/cc	1.0091
Apparent viscosity (30°C, 100 s¹), cP	215
Flash point^a, °C	>90
Pour point, °C	3
Gross calorific value, MJ/Kg (BTU/lb.)	30.25 (130005.17)
Net calorific value, MJ/Kg (BTU/lb.)	28.0 (12037.84)
Ash content, wt%	0.10
Carbon, wt%	62.35
Hydrogen, wt%	10.70
Nitrogen, wt%	0.5
Sulfur, wt%	2.85
Vanadium, ppm	320
Nickel, ppm	75
Sodium, ppm	12
Magnesium, ppm	7

The more than 27 million tons of Orimulsion® manufactured, transported, handled and successfully utilized around the world since 1990, prove the reliability of the product in terms of quality, combustility, environmental performance and safety.

OUR COMMITMENT

PDVSA BITOR’s core business is to produce safe, affordable, price-stable Orimulsion® fuel, and to promote the environmentally sound production of electricity in power generating plants and other applications around the world.

Orimulsion® yields substantial, tangible economic and environmental benefits to the customers and communities we serve, and PDVSA BITOR is committed to continously improving the technical, economical and environmental performance of our products and processes.

PDVSA BITOR has been awarded the ISO 9002 system of quality management by Bureau Veritas Quality International.

PDVSA BITOR, its officers and employees hold themselves to the highest ethical, social and environmental standards and engage in open and regular dialogue and cooperation with local communities and other stakeholders about BITOR’s and Orimulsion’s performance and enviromental iniciatives to promote sustainable growth.

OUR CLIENTS

During 1999 PDVSA BITOR sold 4.9 million tons of Orimulsion® to a world-class group of electric utilities and industries worldwide. These volumes of Orimulsion were safely produced and transported by BITOR and efficiently consumed by satisfied clients in three different continents, such as New Brunswick Power in Canada; SK Power in Denmark; Lithuanian State Power System in Lithuania; RWE Energie in the Federal Republic of Germany; ENEL in Italy; Hokkaido Electric Power; Kansai Electric and Kashima Kita Electric Power in Japan; China National United Oil Corporation in the People’s Republic of China, Arawak Cement in Barbados and Guatemala Generating Group in Guatemala.

BITOR’s COMMERCIAL AND TECHNICAL SERVICES NETWORK

In order to strengthen the commercial and technical suppport to our clients, PDVSA BITOR has established a group of subsidiaries and strategic alliances worldwide.

PDVSA BITOR’s HEAD OFFICE

Bitúmenes Orinoco, S.A.
Edificio PDVSA Exploración y Producción
Av. Ernesto Blohm, La Estancia, piso 9
Chuao
Apartado Postal 3470
Caracas 1010-A, Venezuela

Tel: (58-2) 9082811
Fax: (58-2) 9083507
e-mail: abreuew@pdvsa.com
web site: www.pdvsa.com

Contact: Mr. Emilio Abreu, Trade and Supply Manager

INTERNATIONAL MARKETING AFFILIATES

NORTH AMERICA

BITOR AMERICA CORPORATION
5100 Town Center Circle, Suite 450
Boca Raton, Florida 33486, E.U.A.

Tel: (1-561) 3920026
Fax: (1-561) 3920490
e-mail: garcianx@pdvsa.com

Contact: Mr. Nelson García
Vicepresident Operations & Environmental Affairs

EUROPE

BITOR EUROPE BITOR ENERGY PLC ORBIT METALLURGICAL LTD
Lincoln House
137 – 143 Hammersmith Road
London
W14 0QL, UK

Tel: (44 20) 7471 3800
Fax: (44 20) 7471 3850
e-mail: eugenia.vasquez@bitor.europe.co.uk

Contact: Mrs. Eugenia Vásquez, Managing Director

BITOR ITALIA S.r.l.
Vía Boncompagni 16
1-00187 Rome, Italy

Tel: (39 06) 4201 3119/0889
Fax: (39 06) 4201 0887
e-mail: bitor.italia@flashnet.it

Contact: Mr. Enzio D’Angelo, Director

FAR EAST

MC BITOR LIMITED
(a joint venture with Mitsubishi Corporation)
New Pier Takeshiba North Tower, 23^rd Floor
2-6-3, Marunouchi, Mitsubishi Shoji Building, 13tg Floor,
Chiyoda-Ku, Tokyo 100-8086, Japan

Tel: (81-3) 3210-7386
Fax: (81-3) 3210-7988
e-mail: mcbitorc@po.iijnet.or.jp

Contact: Mr. Masayoshi Arakawa

OTHER STRATEGIC ALLIANCES

ORBIT METALLURGICAL LIMITED
(a joint venture with Strategic Minerals Corporation of USA, to clean and recycle metals contained in burnt ashes)
Lincoln House
137 – 143 Hammersmith Road
London
W14 0QL, UK