China-Venezuela Join in Oil Investments

[dipsydoodle]

Source: Prensa Latina Latin American News Agency

Caracas, Sep 11 (Prensa Latina) PDVSA, Venezuela's state oil company, and China's National Petroleum Corporation (CNP) will invest 10 billion dollars in hydrocarbon projects, official sources informed on Tuesday.

In its release, PDVSA said Venezuelan Energy and Oil Minister Rafael Ramirez announced at the OPEC meeting in Vienna today that the mentioned deals include the possibility of producing up to one million barrels of oil at the Orinoco Strip.

Ramirez also pointed out that a joint transportation venture will be created in the framework of the agreement, with the companies having 50 percent of participation each.

In the rest of the projects, partaking will be equally fair, respecting national interests


Read more: http://www.plenglish.com.mx/article.asp?ID={73F52EC1-2F7E-4417-AA1C-042EF7906A71}&language=EN

[StClone]

1. Well that does it Chavez is evil

Any country that trades and makes deals with China is evil. :sarcasm:

[muntrv]

2. Chimpy: "We believe that Hugo Chavez has weapons of mass destruction.

We also have sources who tell us that Hugo Chavez was working in concert with Osama Bin Laden, Saddham Hussein, Kim Jong Il."

[David__77]

3. Good example of int'l cooperation based on national sovereignty.

The US could a learn a lot here.

[Judi Lynn]

4. Interesting. Thanks for the information. n/t

[IsItJustMe]

5. That could have been the US if our leadership wasn't so busy in building our next boogy man.

[goforit]

6. Ouch to da Oil companies!

[cliss]

7. I knew this would happen.

This isn't all that's happening in South America, either. The Chinese are trying to build a pipeline which would run from Venezuela across to the other side of S. America, so they can start shipping oil to China.

I've read that China has bought up almost the entire Panama Canal.

Just unbelievable. If we hadn't treated Mr. Chavez like dirt, things could have worked out differently. As it is, China gets the Black Gold.

Just imagine, how the oil companies are sizzling right now.