Venezuela approves China's stake in Orinoco Oil Belt

[ChangoLoa]

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).

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

[bemildred]

1. Beats coal. nt

[ChangoLoa]

2. Sure does.

And China has LOTS of money to lend.

[Bacchus39]

3. thus, the reason Chavez is backing China on the nobel prize issue

as is Castro