CNPC signs cooperation MOUs with PDVSA and Peru's Ministry of Energy and Mines respectively, reported CNPC on November 22, 2016.
Chinese companies are optimistic about investing in Latin America despite competition, and experts said the continent will likely benefit from growing Chinese investments.
«The China National Petroleum Corporation (CNPC) is seeking a close cooperation with the Peruvian government in the energy sector, especially in oil field development, pipeline construction and the use of natural gas», said Chen Jintao, deputy general manager of CNPC's Latin-American branch.
CNPC looks forward to more investment opportunities in Peru's petroleum industry after Xi's visit, Chen said.
Whether in traditional industries or new sectors, Chinese investment in Latin America will take on various forms in the future, including mergers and acquisitions, joint ventures, engineering procurement, construction and public-private partnerships, said Liu.
On November 17, 2016, in Venezuela, CNPC Chairman Wang Yilin met with Venezuelan President Nicolas Maduro at the Miraflores Palace.
Witnessed by President Maduro, Mr. Wang Yilin and Venezuelan Oil Minister Mr. Del Pino signed a memorandum on cooperation project progress between CNPC and PDVSA.
On November 20, 2016, in Peru, Mr. Wang Yilin met with Peru President Pedro Pablo Kuczynski during his attendance at the APEC CEO Summit.
Witnessed by President Kuczynski, Wang Yilin and Gonzalo Tamayo, Minister of Energy and Mines, Peru, signed an MOU on deepening oil and gas cooperation between CNPC and Peru's Ministry of Energy and Mines.
Under the MOU, the two sides will step up joint efforts in E&P, refining, transportation and distribution infrastructure construction, natural gas transportation, gas chemicals, as well as R&D.
