Thursday, December 24, 2009
Venezuela, China Sign Oil Deals
The move is part of Venezuela's efforts to increase oil sales to China to 1 million barrels per day from the 400,000 barrels per day it says it currently supplies. Under Chavez, Venezuela has tried to curb oil exports to the U.S. and searched for new markets. Despite his efforts, the U.S. remains the main destination for Venezuela oil, with sales averaging around 1 million barrels per day.
The China National Petroleum Corporation also moved forward by securing access to another oil block in the Orinoco region that could eventually produce 400,000 barrels of oil per day.
The Chinese oil titan also agreed to build a refinery with Venezuela that will process crude from a joint oil venture between the two countries that operates the Junin 8 block.
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