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Venezuela Has Signed a Deal with China Petroleum Corp. to Boost Oil Production
Nov 22, 2016
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Venezuela and the China National Petroleum Corporation (CNPC) have agreed on an investment plan of $2.2 billion, which will increase joint oil production by 277,000 barrels a day.
Venezuelan President Nicolas Maduro said, after the agreement was signed on Thursday, as quoted by El Universal, that with this new deal "we will reach 800 thousand barrels a day with China.
According to Venezuela's Oil and Mining Affairs Minister Eulogio del Pino, the funds will be used to finish the construction of a new oil factory in China and to increase oil production at three joint ventures in Venezuela.
In terms of a Thursday statement from the Organization of the Petroleum Exporting Countries (OPEC), Maduro believes that the agreement can be finalized by the end of this month.
Venezuelan President Nicolas Maduro said, after the agreement was signed on Thursday, as quoted by El Universal, that with this new deal "we will reach 800 thousand barrels a day with China.
According to Venezuela's Oil and Mining Affairs Minister Eulogio del Pino, the funds will be used to finish the construction of a new oil factory in China and to increase oil production at three joint ventures in Venezuela.
In terms of a Thursday statement from the Organization of the Petroleum Exporting Countries (OPEC), Maduro believes that the agreement can be finalized by the end of this month.
