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China will become the basic buyer of the Venezuelan oil
3 March 2008In the nearest future China can become the only buyer of the Venezuelan oil. However, experts mark, that there will be a long period of time before the stable stream of oil will go to the East.
And in analysts’ opinion, such decision is very favorable to Venezuela, as authorities of the country struggle with sharp shortage of investments and do not know what to do with oil, which has collected because of absence of necessary quantity of oil refining capacities.
Meantime the Venezuelan oil state company - PDVSA has exposed 8 petrocargoes with boiler fuel for sale in total amount nearby for 15 million barr. However, in connection with that the company has demanded to bring an advance payment (1 billion dollars), large oil giants have refused to carry on the further negotiations. Chinese PetroChina is the only company which is still thinking of getting the Venezuelan oil. Oil market participants mark, that if this transaction takes place, the China can become practically the only buyer of the Venezuelan oil.
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