CARACAS, Jan. 17 (Xinhuanet) -- Venezuela's state-run oil company PDVSA struck a deal on cooperation in oil refining technology with the Institute Francais du Petrole (IFP) and French company Axens on Tuesday.

    Under the terms of the deal, the PDVSA will process heavy crude oil and upgrade extra-heavy oil with the advanced oil-refining technology provided by the IFP and Axens. This move will allow thePDVSA to refine oil at a much lower cost.

    Venezuelan Energy Minister Rafael Ramirez, also PDVSA president, signed the agreement at the PDVSA headquarters with IFP President Olivier Appert and Axens Chairman Jean Sentenac.

    The PDVSA will be able to process oil with France's technology at the Puerto La Cruz refinery in northeastern Venezuela and the El Palito refinery in central part of the country from 2010. Enditem