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Venezuela and China will make oil in Orinoco
11 May 2008Venezuela and China have signed the agreement on creation of joint venture on an oil recovery in the river basin of Orinoco.
The joint venture Venezuelan Petroleos de Venezuela SA (PDVSA) and Chinese China National Petroleum Corp. will deliver the extracted oil on the future oil refining factory in China, construction of which has been also agreed by Venezuela and China at the ceremony in Caracas.
The future oil refinery will process 400 thousand Barr. of oil every day. Thus, the president of Venezuela expects to realize the ambitions, according to which his country would every day deliver 1 million Barr. of oil to China till 2011.
Now China every day receives nearby with 300 thousand Barr. of crude oil and mineral oil from Venezuela.
It is worth of mentioning that Hugo Chavez supports the Chinese government. So, today he has accused the USA of attempts to break carrying out Olympic Games in Peking. The Venezuelan leader has condemned the proTibetan protest actions worldwide and has supported China in struggle for territorial integrity preservation.
- Hugo Chavez reforms bank system of Venezuela
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- Venezuelan oil companies involve foreign capital
- Venezuela has refused to buy submarines from Russia
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