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Venezuela signs 8 oil cooperation agreements with China

Petróleos de Venezuela, S.A. (PDVSA) ratified its cooperation with the People's Republic of China with the signing of 8 agreements at the 15th China-Venezuela High Level Joint Commission, which was held at the José Félix Ribas Hall of the Teresa Carreño Theater in Caracas.


The event was headed by the President of the Bolivarian Republic of Venezuela Nicolás Maduro, and the Vice Chairman of the National Development and Reform Commission (CNDR) Ning Jizhe, with the participation of Vice President of Planning and External Director of PDVSA Ricardo Menéndez, People’s Power Minister of Petroleum Nelson Martínez, President of PDVSA Eulogio Del Pino, Vice President for the Economic Area Ramón Lobo, People’s Power Minister for the Communes Aristóbulo Istúriz, Foreign Minister and Vice President of International Affairs of PDVSA Delcy Rodríguez, and others.


PDVSA signed a memorandum of understanding to participate in the construction project of Nahai refinery in China; the engineering, procurement and facilities construction contract to increase extra heavy crude production at the facilities of Petrolera Sinovensa, S.A.; a memorandum of understanding for the development of the Petrozumano joint venture; and financing by China Development Bank as part of the Special Fund for oil projects. 

PDVSA also signed a memorandum of understanding for a well exploitation pilot test work plan for the joint venture Petrourica; set up the mixed capital company Venezolana de Mantenimientos Especializados Remensa; set up a joint venture between PDVSA and Shandong to develop maintenance capacities for the delivery of specialized services; and a memorandum of understanding between PDVSA and Shanghai for the corporate insurance and reinsurance program of PDVSA and its subsidiaries.


These agreements were signed by President of PDVSA Eulogio Del Pino, Vice President of Exploration and Production of PDVSA Nelson Ferrer Sánchez, the representative of PDVSA Servicios Petroleros Osmel Molina, and their Chinese counterparts.


President Maduro said these 22 agreements are for 2.7 billion dollars. "This makes 2017 the year of the economic recovery of our country, with the collaboration of a friendly nation like China, in a win-win relationship”, he said.


Speaking about these financing projects for the people of Venezuela, he said:  "Nothing and nobody will be able to stop them; it is the ultimate will of our government and the people to continue to expand the mechanisms that have proven their viability”.


He said he was satisfied with the results of the work of the Joint Commission, "which has been the ultimate expression of the success of China-Venezuela relations."


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