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2016-08-17 18:35:00

CHINA & VENEZUELA COOPERATION

CHINA & VENEZUELA COOPERATION

HP wrote, People's Minister of Petroleum and President of Petroleos de Venezuela SA (PDVSA), Eulogio Del Pino, spoke about the future of Venezuela's oil and gas industry on a recent visit to a desalination plant, which is part of the Chinese-Venezuelan JV Sinovensa. Del Pino said he sees more cooperation with China as a means to grow the oil and gas industries in both countries.

Speaking of the reserves in the Orinoco oil belt, Del Pino said, "In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years."

Part of his vision for more cooperation is already underway in the form of a new refinery in China to process the crude PDVSA is sending to China. According to Del Pino, the project is in the advanced engineering phase.

In addition to the new refinery, Del Pino is planning a new terminal to handle the increased exports of crude.

"We expect to build a large-scale oil terminal in Araya, Sucre state, where the crude oil will be loaded in order to be shipped to China."

Del Pino said that, in the past, it was considered a loss of profit to transport crude to China. However, the expansion of the Panama Canal will cut the cost of shipping and make the transportation of crude to Asia a reality.

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Earlier:

CHINA: 

CHINA'S FUEL EXPORTS UP 52.3% 

AZERBAIJAN & CHINA OPPORTUNITIES 

SOUTHEAST ENERGY WAR 

SAUDI FIND CHINA 

CHINESE - NIGERIAN AGREEMENTS: $80 BLN 

RUSSIAN-CHINESE PROJECT

 

VENEZUELA: 

ROSNEFT & PDVSA STRATEGIC PARTNERSHIP 

VENEZUELA NEED MONEY 

VENEZUELA'S OIL DOWN 

VENEZUELA - CHINA TALKS 

VENEZUELAN OIL DOWN 

BRAZIL & VENEZUELA IN SHOCK

 

 

 

Tags: CHINA, VENEZUELA, OIL, GAS

Chronicle:

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U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

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IMF: EGYPT'S GROWTH UP

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U.S. RIGS UP 1 TO 1,046

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OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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