Chevron Discussing Venezuela Joint Venture

Chevron Corp., the fourth-largest U.S. oil company, and Petroleos de Venezuela are in talks regarding a $1.5-billion venture to manufacture aromatics--the building blocks of plastics, solvents and pharmaceuticals. If San Francisco-based Chevron and PDVSA unit Proesca decide to go ahead, the venture could begin production in 2002, a PDVSA spokesman said. Production would be about 1.3 million tons a year of aromatics, including benzene and xylene.