Venezuela and China advanced in the creation of joint oil companies

Hace 2 años.

The Minister for Oil and Mining, Eulogio del Pino said this Monday that Venezuela and China advance for the development of the joint hydrocarbons enterprises Petrourica and Petrozumano.

For this, Del Pino explained that an additional appropriation was approved with the China Development Bank, amounting to 5 billion additional dollars, as reports Petroleos de Venezuela (Pdvsa) in a press release.

China, through the National Petroleum Corporation (CNPC), has a 40% stake in joint ventures Petrourica and Petrosinovensa, who were created by Pdvsa in the Orinoco Oil Strip (FPO) Hugo Chavez, to promote the development of production of extra-heavy crude oil.

In this regard, Del Pino recalled that Venezuela has a credit line of four billion dollars that has allowed the growth of the mixed oil company Sinovensa, in which Venezuela has a 60% stake.

“We plan to build a giant oil terminal in Araya, Sucre state, which is from where the crude oil will be loaded to be shipped to China; a complete relationship, which has been for 18 years and has been consolidated in these times of Revolution”, stressed the head of the ministry, cited in the note.

He noted that with these companies seek to reduce oil shipping times to China, which will diversify the market. For this, Venezuela plans to build a refinery in China, which is under development.

“This shows one of the visions that had our Commander Chavez: For China and Venezuela to be complementary. China has in Venezuela a reliable supplier; The energy that China will receive in the future is in Venezuela and that’s why we are working together”, said Del Pino.