As part of a round table held by the China-Venezuela High Level Mixed Commission was agreed to monitor the entire portfolio of investment, from the point of marketing of products from Venezuela to the Asian nation; as well as strategic agreements of cooperation in oil matters and other spaces of opportunity that are profiled between both nations.
This meeting, instructed by the President of the Republic, Nicolás Maduro, was held this Wednesday, at the Ministry for Petroleum-PDVSA Complex in La Campiña, Caracas, headed by the vice president of Planning and Knowledge and external director of Petróleos de Venezuela, S.A. (PDVSA), Ricardo Menéndez; the Minister of People’s Power for Petroleum, Eulogio Del Pino; the president of PDVSA, Nelson Martínez; as well as the president of Chinese oil company CNPC-America, Ye Xiandeng.
Among the agreements reached were the expansion of China’s participation in the Sinovensa joint venture, which operates in the Hugo Chávez Orinoco Oil Strip.
In this sense, Menendez explained that: «Investment projects were reviewed and monitored; given that we have a portfolio of investments in oil with China within the order of 9 billion dollars. Thus, a review of the oil fields where it has participation is being carried out, as well as the profiling of new projects».
As part of the meeting, it was reported that the Chinese oil company is interested in participating in the reactivation of 800 wells in the Hugo Chávez Orinoco Oil Strip, which will generate an increase in production of 42,000 barrels of crude oil per day.
For his part, Minister Del Pino reported on the development of a new refinery in China, to be projected with CNCP, which «opens a space for our oil; added to the market in the Asian area. This is coupled with a very aggressive marketing scheme that has been developed with a joint venture with China that offers us a cost reduction advantage in the transportation of crude oil. »
The Minister for Petroleum also explained that the periodic review of agreements «is accompanied by visits to the operational areas to monitor the processes live, and to follow up on the good progress of the investment projects, leveraged by the China Development Bank» .
For his part, PDVSA President Nelson Martínez stressed the importance of «the benefits of these cooperation agreements that are not only quantified in economic terms; but are also reflected by the growth in the technological field. The contribution of these Chinese companies in the country is reflected in the high level of technology that our workers are acquiring: it is in large measure an invaluable investment in the future in terms of human potential. »
Martinez said that: «These strategic relations are no doubt to combat the perverse effects that the American empire aims to create in the economic environment of the country. It is no secret that our strategic bilateral relations are not new; they are the result of the visions for the future of the Eternal Commander, Hugo Chávez, who saw the aggressions of the American empire sooner or later, and which are continued by President Nicolás Maduro.
