Venezuela approves China's stake in Orinoco Oil Belt

[ChangoLoa]

Source: El Universal

Venezuela has approved China's stake in a joint venture to tap up to 400,000 barrels per day of extra-heavy crude oil in the Orinoco Oil Belt, under an agreement published in Venezuela's Official Gazette on Monday.

The Venezuelan government has negotiated several oil interests in the Junín block with companies from China (CNPC), Russia (Rosneft), Vietnam and Italy (ENI) after it completed a successful bidding of two multimillion projects in the Carabobo block of Venezuela's Orinoco belt.

"The joint venture will produce up to 400,000 barrels of extra-heavy crude oil per day (...) for a period of 25 years from the start of operations," under an agreement between state-run oil company Petróleos de Venezuela (Pdvsa) and China National Petroleum Corporation (CNPC).

Read more: http://english.eluniversal.com/2010/10/11/en_eco_esp_venezuela-approves-c_11A4591291.shtml

[paulk]

1. guess that explains this

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4571309

[bherrera]

2. Possibly, but thus far none of those contracts lead to activity

The contracts are signed, and then they do not proceed to do the work. All of the companies listed to make agreements fail to work. I suspect the terms offered by Venezuela do not allow profitable investments.

[L0oniX]

3. O well ...our gov will just start another war for oil with Venezuela so we can drive our cars...

and live in the lap of luxury compared to 3rd world countries. We will go to war to maintain our USA life style until our country crashes which so fittingly deserve for our arrogance and exceptionalistic pride.

[Zorro]

4. Do you drive a car?

And you're always welcome to migrate to a 3rd world country before the crash you wish for occurs.

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Name removed]

6. Deleted message

Message removed by moderator. Click here to review the message board rules.

[sabrina 1]

7. I think your post violates DU rules.

As for the comment by the DUer you have attempted to smear, s/he is absolutely right. The U.S. will start a war, most likely a proxy war fought covertly as they have in the past, by their puppets in Comombia, further draining this 'luxurious' economy.

China meantime has chose to get a stake in the oil it needs by doing it the sensible way, make a deal and pay for what they want.

[Zorro]

9. Absolutely right?

The US will start a war with Venezuela using our Comombian allies?

In that event Venezuela's Equatorian ally would surely retaliate.

Thanks for your contribution to the Republican caricature of Democrats as anti-US, self-loathing leftwits.

[sabrina 1]

12. Comombian allies? Lol!

The U.S. Government is made up of all Democrats? :eyes:

If only that were true.

If I were you, I would read what people write at least twice before commenting in the future.

[Zorro]

14. And I suggest

in the future you should spell check your original posts before displaying your intellectual brilliance.

[sabrina 1]

15. Don't need spell check, typos happen, but I did get a kick out of

your copying a typo to try to make a point. It made me feel very special I must say. Like I had coined a word or something when all it was was a typo.

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Commie Pinko Dirtbag]

10. Only a dirty commie like Chavez would get economically cozy with commie China.

Oh, wait...

[sabrina 1]

11. Lol!

[unkachuck]

13. how could this be?....

"...state-run oil company Petróleos de Venezuela (Pdvsa) and China National Petroleum Corporation (CNPC)."

....two efficient, well-run, well-financed, sovereign, state-owned oil companies cut a deal to produce 400,000 barrels of extra-heavy crude oil per day for twenty-five years....

....is this possible? I thought only free-market, earth-polluting, capitalist-oil-rapers were capable of this kind of proficiency....I was lead to believe the only thing government was good for, was killing people, and losing your mail....