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Chinese, Venezuelan oil majors start joint venture
Asia Pacific News.Net
Sunday 6th April, 2008 (IANS)
Caracas, April 6 (Prensa Latina) China and Venezuela have agreed to set up a joint venture in oil exploration in the South American country.
According to a statement Saturday by state-run Petroleos de Venezuela (PDVSA), under the new agreement the Chinese National Petroleum Corporation Service and Engineering Ltd would transfer technology and provide personnel in oil exploration in the country.
PDVSA would handle 30 percent of all oil exploration and production activities in the country under the agreement. In return, it would increase crude oil supply to China by up to a million barrel per day before 2010, the statement said.
Luis Vierma, PDVSA vice president of exploration and production, said Venezuelan government, seeking more international partners in the oil sector, would stop looking to the north and instead widen its relations with countries like China.
China an agreement in force for oil exploration in the country's Orinoco oil strip.
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