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Venezuela & China Sign 4 Energy Agreements

Source: www.gulfoilandgas.com 6/7/2017, Location: South America

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The Vice President of Planning and Development and external director of Petroleos de Venezuela, SA (PDVSA), Ricardo Menendez, reported on the signing, between Venezuela and the PRC, of four strategic agreements in the field of Hydrocarbons.

The first deals with the partnership agreement for the formation of the joint venture Petrochina / PDVSA Guandong Petrochemical Company Limited; The second, the articles of incorporation of said company; The third, a contract for the supply of crude oil; As well as a contract for the sale of refinery products.

Among the agreements reached, the development of the Nanhai refinery located in the Guandong Province is aimed at refining 400 thousand barrels per day of a mixture of heavy crude Merey16 and / or Dcom16 of Venezuelan origin, from the Petrourica and Petrosinovensa in the Oil Belt of the Orinoco Hugo Chavez or other sources; With the first option of being transported by sea by the Chinese-Venezuelan joint venture CV Shipping PTE, Ltd.

Through a telephone call in the program Encendidos, broadcast by Venezolana de Television (VTV), Menendez explained that the succinct agreement between PDVSA and the National Petroleum Corporation of China (CNPC) "seals the location of Venezuelan oil that will be refined in China, which requires, the adequacy of the architecture, to be processed, from the point of view of refining processes at national and international level. "

"That is the architecture of geopolitics that, the oligarchs and those who do not have the Venezuelan homeland as their horizon of development, will never understand; This means using the resources of our country for its sovereign development, "he explained.

Menéndez also reported that both nations installed the Secretariat of the Joint High-Level Commission, prior to the Joint Commission that will be taking place. He also stressed that during the visit to the Asian country, structural issues were revised from the point of view of the economy and development of Venezuela.

In this regard, the Vice-President of Planning pointed out that the High-Level Commission will address issues related to the production of iron, steel, aluminum and everything related to the national mining sphere, linked to the development of the Bolivarian Economic Agenda. "This agenda has been seen, in the case of China, with much anticipation, above all because of the deep faith they have about the future of our country," he said.

On the other hand, meetings were held to discuss the financial issue with the China Development Bank, which includes 700 projects in different areas including the oil sector.

"We will work in addition to the production lines and the location of China's surplus capacity in our country," he said.

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