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Venezuela, China to see stable crude oil cooperation
Venezuela, the largest oil producer in South America, is shipping up to 200,000 barrels of crude oil a day to China for repayment of its US$20 billion debts from the country, sources reported.
In April this year, China agreed to lend Venezuela US$20 billion worth
of 10-year loan, to finance the South American country’s development
projects in power, agriculture and technology sectors, in exchanges of
oil supplies from the country.
China National Petroleum Corp also signed a US$16.3 billion JV deal this
year for a project capable of producing 1 million barrels a day.
Venezuela plans to increase its shipments to China by 1 million barrels a
day by 2012, said Rafael Ramirez, Oil Minister of Venezuela.
“The exports to Asia may not be made at market prices, but rather at a discount”, said a report by Morgan Stanley.
Trade between China and Venezuela surged to US$8.9 billion in 2008 from
US$85.5 million in 1999, according to Venezuelan state bank Bancoex.?
Source: China Knowledge
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