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Venezuela, China sign 16 bln dlr oil deal
Naiguata, Venezuela (AFP) Sept 16, 2009 Venezuelan President Hugo Chavez Wednesday 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 gave few details of the pact and did not name the Chinese companies nvolved, but said they would form a joint venture with state-owned Petroleos de Venezuela (PDVSA) to produce 450,000 barrels a day of extra heavy crude. Venezuela, a founding member of the oil cartel OPEC and Latin America's top oil exporter, announced Saturday that it had signed a similar accord with a Russian consortium. The deal will see the group of five Russian companies invest more than 20 billion dollars over three years, and gives them rights to drill for oil in the Junin-6 block of the Orinoco oil belt. That joint venture is also expected to produce 450,000 barrels a day by 2012, Chavez said. Oil-rich Venezuela claims current proven reserves of some 142.3 billion barrels, but Venezuelan experts believe the Orinoco basin could hold an additional 235 billion barrels. Share This Article With Planet Earth
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Ahmadinejad brushes off petrol sanction threatTehran (AFP) Sept 15, 2009 President Mahmoud Ahmadinejad on Tuesday brushed off US threats of possible sanctions on Iran's petrol imports, saying Tehran's oil industry could overcome any such challenge. "The enemy in the past 30 years has plotted a lot, but every time the Iranian oil industry has slapped it in the face," Ahmadinejad said at a function to introduce new Oil Minister Masoud Mirkazemi to employees of his ... read more |
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