Venezuela, China sign 16 bln dlr oil deal

Chavez announced a 16-billion-dollar deal with China to drill for oil in the resource-rich Orinoco basin.

Venezuela, China sign 16 bln dlr oil deal

Venezuelan President Hugo Chavez announced a 16-billion-dollar deal with China to drill for oil in the resource-rich Orinoco basin.

"Yesterday (Tuesday), a deal was signed in Beijing for the Orinoco basin. It sets out a Chinese investment of 16 billion dollars over the next three years," Chavez said at a public event.

He said that between a recently signed Russian project and the Chinese deal, output would rise by 900,000 bpd.

Last week, Venezuela and Russia formed a joint venture to develop the Junin 6 field with a $20 billion investment. Venezuela says the project will produce up to 450,000 bpd.


Agencies

Güncelleme Tarihi: 17 Eylül 2009, 16:03
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