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China and Venezuela sign new energy cooperation agreements



The governments of China and Venezuela signed new cooperation agreements on Thursday, aimed at strengthening strategic ties in energy and raising crude oil production levels.

From the Presidential Palace in Miraflores, in Caracas, Venezuelan President Nicolás Maduro said that in this first day of work concrete, investment and production agreements were reached that allowed to establish new objectives.

"This gives us a goal of increasing production of 277,000 extra barrels, we will reach more than 800,000 barrels a day with China," said Maduro in the presence of the chairman of China National Petroleum Corporation (CNPC), Wang Yilin.

During the ceremony, the Chinese ambassador to Caracas, Zhao Bentang, and the Venezuelan Minister of Petroleum and Mining, Eulogio del Pino, Maduro also confirmed this.

He affirmed that during the meeting, which took take place in the Venezuelan capital, "we will finish the plans in all fields of economic, financial and energy life, of shared development for  mutual benefit, which we will develop in 2017 and 2018 ".

Meanwhile, Eulogio del Pino president of state-owned Petroleos de Venezuela (PDVSA), said that "we have had a fruitful meeting" with the CNPC, in which a series of oil projects were "reviewed and evaluated" .

In that sense, they stressed that both States agreed to continue the investment of the Nanhai Refinery, "a refinery under construction in China, which will have a capacity to process 400,000 barrels of oil per day."

He also stressed that they will advance in other joint ventures, in order to "increase production by 15,000 barrels per day, with an investment of 225 million dollars," financed with "an oil fund approved by the China Development Bank."

In addition, he mentioned that in order to advance the projects "we have approved an investment in the order of 500 million dollars for the improved recovery project, and activate and bring production to 30,000 barrels per day in The first phase ".
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