Venezuela Has Signed a Deal with China Petroleum Corp. to Boost Oil Production
Venezuela and the China National Petroleum Corporation (CNPC) have agreed on an investment plan of $2.2 billion, which will increase joint oil production by 277,000 barrels a day.
Venezuelan President Nicolas Maduro said, after the agreement was signed on Thursday, as quoted by El Universal, that with this new deal "we will reach 800 thousand barrels a day with China.
According to Venezuela's Oil and Mining Affairs Minister Eulogio del Pino, the funds will be used to finish the construction of a new oil factory in China
and to increase oil production
at three joint ventures in Venezuela.
In terms of a Thursday statement from the Organization of the Petroleum Exporting Countries (OPEC), Maduro believes that the agreement can be finalized by the end of this month.