8. MARACAIBO CHANNEL According to the International Energy Agency IEA, Venezuela produced 2.5 mmbbls per day during year A number of 2,234 port calls were recorded during 2006 of vessels engaged in International trading. And 2,510 port calls of vessels on coasting trade. An excel table was provided to the LAP members, containing the main Pdvsa oil terminals in Venezuela, including the specifications of the crude oil, distillates and clean products produced by the Pdvsa refineries shipped through this terminals. As viewed on referred table, within Lake Maracaibo are located the following Pdvsa terminals: Puerto Miranda, Bajo Grande, La Salina, El Tablazo. Also there are coal terminals within the lake such as: Bulk Wayu the largest one, Palmarejo, El Bajo, La Ceiba. Access to both the Pdvsa terminals and the Coal terminals are through the Lake Maracaibo channel. There is also a Port facility called Maracaibo port, and some other minor chemical terminals including Pralca, Punta Camacho, etc. Other larger Pdvsa terminals around the country coastline are: Puerto La Cruz also named Guaraguao, and the Jose Complex including Jose Platform known as Taej, Jose terminal, Petrozuata, Bitor Monobuoy, Fertinitro, etc. This group of terminals are located at the east of Venezuela in the Anzoategui State. El Palito terminal located at the center and Amuay and Cardon north west Venezuela.

8. MARACAIBO CHANNEL Opec Crude Production per day during 2006 according to the IEA

8. MARACAIBO CHANNEL Number of vessel’s calls during 2006: East Venezuela: Crude oil, synthetic oil, lpg and clean products: Taej: 421Guaraguao: 572Petrozuata: 105Jose terminal: 160 Sub total: 1,258 vessels calling at above Pdvsa terminals Lake Maracaibo - Western Venezuela: Crude oil, lpg and clean products: Puerto Miranda: 230Bajo Grande: 174La Salina: 133 Sub total: 537 vessels calling at above Pdvsa terminals Lake Maracaibo: Coal shipments: Sub total: 195 vessels North West Venezuela: Clean products, distillates Fuel oil, etc: Amuay & Cardon: Sub total: 412 vessels calling at those Pdvsa terminals Other products such as: chemicals, petcoke, urea, ammonia, etc: Fertinitro + Petozuata solids + El Tablazo: 127

8. MARACAIBO CHANNEL Vessels loading capacity average: Lake Maracaibo - Western Venezuela: Puerto Miranda: roughly from: + 200,000 bbls to 538,000 bbls Average: + 450,000 bbls Bajo Grande: roughly from: + 12,000 to 450,000 bbls Average: + 200,000 bbls La Salina: roughly from: +70,000 bbls to + 520,000 bbls Average: + 400,000 bbls East Venezuela: Taej: roughly from: + 300,000 to -2,000,000 bbls Average: ,000 bbls Puerto La Cruz (Guaraguao): roughly from: + 60,000 to -1,000,000 bbls Average: ,000 bbls Above one third of the Venezuelan Crude oil production is shipped from the Pdvsa Terminals in Lake Maracaibo.

8. MARACAIBO CHANNEL IMPORTANCE OF LAKE MARACAIBO CHANNEL: Far more than one third of the Venezuelan Crude oil production is shipped from the Pdvsa Terminals in Lake Maracaibo. Around 732 vessels loaded with Crude oil, lpg products, clean products and coal, sailed through referred waterborne during 2006 and a similar or even a bigger number is expected to sail during LAKE CHANNEL SAILING RESTRICTIONS: High tide: 37`03" Medium Tide: 35`03" Low Tide: 33' 03" However the responsibility to determine the sailing draft is to be established by the master. One way sailing is restricted between buoys B13/B14 and buoys T33/T34. From same buoys T33/T34 further to the south sailing is allowed both ways simultaneously. it prohibits the entrance to the channel and transit to vessels exceeding one of the following main dimensions: Breadth:45.64 m Length:262 m SDWT:115,000 mt Vessel's with a breadth exceeding 35.5 m will be limited to a one way sailing on the channel section within the EM buoy and buoys B61/B62.

8. MARACAIBO CHANNEL Agents must inform to the Harbor Master office of those vessel's with breadth exceeding 35.5 m intended for inbound or outbound transit at least 12 hours previously to their channel entrance in order to be programmed and for transit control purpose. Vessels sailing outbound have preference to those on inbound transit. Maximum draft for vessel's sailing inward should not exceed 33´03". The outer channel is 15 miles; the inner channel is 12 miles; the lake channel that proceeds to the Maracaibo roads is 11 miles; and the main channel is 83 miles long. Distances from: EM buoy to Puerto Miranda (PM): +/-30 miles; PM to La Salina (LSN): +/-28 miles; PM to Bajo Grande (BG): 15 miles; PM to Maracaibo (MBO): 8 miles. Lake Maracaibo/ Channel Pilots boarding time considering tide restrictions: Please be informed that the Lake Maracaibo Harbor Master Office has the following pilot boarding schedule for vessels intended to sail on outbound transit based on tide restrictions: Tide’s heights of high water (H.W.) according to the Malecon Mareograph reference: Puerto Miranda:3 hours before maximum H.W. level at piers # 1 & # 5. Bajo Grande:4 hours before maximum H.W. level. La Salina: At Anchorage:5 hours before maximum H.W. level. Alongside:6 hours before maximum H.W. level. Tide’s heights of high water (H.W.) according to the Punta Palma Mareograph reference: Puerto Miranda:during maximum H.W. level at piers # 2 & # 6.

8. MARACAIBO CHANNEL Buoys report periodically issued by Agemar: The latest non official Buoys status report available was provided to the LAP members during the meeting. Same contains the following information: Buoys status report in the Maracaibo Channel- AGEMAR-: Buoys status report in the Maracaibo Channel - Feb. 7th, 2007 Kindly find attached the latest status report regarding navigation buoys in the Maracaibo Channel. We would like to expressly point out that this is a non-official information.  Breakwater Lighthouse has no operating light.  Rafael Urdaneta "amber" light not working.  Margarita Light off Due to the continuous changes in the buoy's operating lights, this information is only for your reference. If you need further details, please do not hesitate to contact us.

8. MARACAIBO CHANNEL Comments regarding the Buoys Status Report dated February 7th, 2007: According to same report there are: 23 buoys with no operating lights from Buoy EM (channel entrance) to Puerto Miranda from an existing number of around 61 (+/-37%). 07 buoys missing from its charted position (+/-11%). 02 buoys moved from its charted position (+/-3%). General comments: Many ship operators have decided to restrict their vessels inbound/outbound transit of the channel to daylight exclusively based of safety issues. We have non official information that the dredging of the channel was halted since the end of December 2006, and still has not resumed. Due to referred night time sailing restrictions some vessels have remain docked at Puerto Miranda awaiting for the daylight hide tide once loaded. Pdvsa has warned to ship operators, to charters and all parties involved, that extra berthing charges will be imposed to vessels refusing to sail during night time/high tide and after completion of loading. Another fact is that Pdvsa does not accept to apply an EDP procedure on its terminals, meaning that load cargo documents must be placed on board before the vessel departure. In some occasions this fact could impose a new restriction due to that the vessel might lose the hide tide well before the daylight is over if documents are not on board.