Venezuela and China in new oil venture

Asia Pacific News.Net
Monday 12th May, 2008

Venezuela and China have signed deals for a joint venture to produce oil in Venezuela's Orinoco area to supply a new 400,000-barrel-a-day refinery that will be built in China.

The venture between Petroleos de Venezuela and China’s National Petroleum will see oil pumped from an area which will allow China to satisfy its growing needs.

Venezuela currently sends 300,000 barrels of oil a day to China as a priority increase in sales to the Asian nation.

Venezuela will increase the shipments to 400,000 barrels a day later in the year.

Chinese oil consumption will rise 5.3 percent in 2008.

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