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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:

CHINA & VENEZUELA COOPERATION
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

CHINA & VENEZUELA COOPERATION
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

CHINA & VENEZUELA COOPERATION
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

CHINA & VENEZUELA COOPERATION
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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