[NYTr] Venezuela, China to Invest $10 Billion in Oil Venture
 
Date: Tue, 11 Sep 2007 18:28:58 -0500 (CDT)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Bloomberg - Sep 11, 2007
http://www.bloomberg.com/apps/news?pid=20601086&sid=a3B2KZQubqR0&refer=latin_america

Venezuela, China to Invest $10 Billion in Oil Venture

By Steven Bodzin

Sept. 11 (Bloomberg) -- Petroleos de Venezuela SA, the state-owned oil
company, and China National Petroleum Corp. will invest more than $10
billion in a heavy-oil venture in Venezuela's Faja del Orinoco region.

The venture is intended to produce as much as a million barrels a day
in the region, Petroleos de Venezuela said on its Web site, citing a
statement by Rafael Ramirez, the minister of energy and oil.

President Hugo Chavez has pledged to increase exports to China as part
of his effort to reduce reliance on the U.S. market and to cement ties
with countries with what he says are compatible ideologies.

China National Petroleum Corp.'s plan is the biggest to be announced in
the South American country since Venezuela drove out ConocoPhillips and
Exxon Mobil Corp. June 26 by changing the terms of multi-billion-dollar
joint ventures. The Beijing-based company has been certifying reserves
in the Junin 4 block of the Faja, one of the world's richest oil
regions.

The oil venture, to be owned 60 percent by the Venezuelan company and
the rest by CNPC, will include construction of three refineries in
Venezuela. The two companies will also split equal shares of a
transportation joint venture, according to the Petroleos de Venezuela
statement. 
 
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