Construction starts of Venezuelan-Chinese refinery

Mar 18, 2009 01:00 AM

Venezuelan President Hugo Chavez said construction had started on the first joint Chinese-Venezuelan oil refinery, adding that his energy minister travelled to the Asian nation to review bilateral energy cooperation agreements.
"We are starting construction on a refinery in China. It is the first of three under a strategic agreement (that calls) for Venezuela to provide China with up to 1 mm bpd (of crude) in the next few years. We are already at more than 300,000 bpd of crude," Chavez said.

The Venezuelan president said Energy Minister Rafael Ramirez travelled to China from Vienna, where he attended an Organization of Petroleum Exporting Countries, or OPEC, meeting. Chavez said a $ 4 bn contribution from China to the joint investment fund established by Caracas and Beijing was expected to arrive soon.
The fund, which is replenished with annual infusions of cash, totals $ 6 bn, of which $ 2 bn was provided by Venezuela. The bilateral investment fund is used to pay for infrastructure and other projects.

Source / EFE
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