China currently imports about 364,000 barrels of crude oil per day from OPEC member Venezuela, a figure expected to rise to 500,000 barrels in late 2009.
Author: Ksenia kochneva
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Venezuela and China Signed 12 Cooperation Agreements
The China-Venezuela investment fund, after signingthe agreements, was boosted to 12 billion
"The fund is part of the strategic alliance that bolsters our common interests and confirms Venezuela's standing as an oil-providing partner (to China) for the next 500 years," President Hugo Chavez after meeting with China's Vice President Xi Jinpingi.
The 12 cooperation agreements include one calling for Venezuela's state-run oil company PDVSA to sell China's National Oil Company between 80,000-200,000 barrels of oil per day to pay off a debt between development banks in both nations.
Another agreement calls for building an oil refinery in China to handle some 400,000 barrels of Venezuelan crude from the oil-rich Orinoco basin.
China currently imports about 364,000 barrels of crude oil per day from OPEC member Venezuela, a figure expected to rise to 500,000 barrels in late 2009.
Author: Ksenia kochneva
China currently imports about 364,000 barrels of crude oil per day from OPEC member Venezuela, a figure expected to rise to 500,000 barrels in late 2009.
Author: Ksenia kochneva
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