PDVSA CEO in China in oil talks

PORT SPAIN
Petroleumworld.com, Feb 04, 2010

Venezuela oil minister and State's oil company PDVSA CEO Rafael Ramirez is Beijing this week for talks with government and China's oil companies officials on joint-venture explotation of the Orinoco's extra heavy oil extra reserves.

China National Offshore Oil Corporation is one of two larger state-owned Chinese companies active in Venezuela with a joint venture to develop the Boyaca-3 block in the Orinoco belt, also CNPC is the a pact to develop an Orinoco block, which could eventually produce 400,000 barrels of oil a day.

Ramirez is to meet with China National Petroleum Corp. and Sinopec Group beside meetings with China's economic planning, the National Development and Reform Commission, and China Development Bank, Dow Jones reported.

Sinopec and CNPC are considering building refineries in Venezuela, while CNPC and state-owned oil company PDVSA, plan a major refinery in southern China's Guangdong province to process Venezuelan oil, reported Dow Jones.

China Customs data show China imported an average of 105,000 barrels a day of crude from Venezuela in 2009, along with slightly less fuel oil, Dow Jones reported.

China and Venezuela have a joint development fund in which Beijing has placed $8 billion in exchange for oil. The fund pays for infrastructure projects in Venezuela.

Story from Petroleumworld
Petroleumworld 02/04/2010

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