Vice President of Planning and Development and External Director of Petróleos de Venezuela, S.A. (PDVSA) Ricardo Menéndez, announced the signing between Venezuela and the People's Republic of China of four hydrocarbon strategic agreements.
Wednesday, 07 June 2017
Caracas.- On Wednesday, Vice President of Planning and Development and External Director of Petróleos de Venezuela, S.A. (PDVSA) Ricardo Menéndez, announced the signing between Venezuela and the People's Republic of China of four hydrocarbon strategic agreements.
The first agreement covers matters related to an association agreement for the creation of the joint venture Petrochina / PDVSA Guandong Petrochemical Company Limited. The second, articles of association of said company. The third, a crude oil supply contract; as well as a contract for the sale of refinery products.
The agreements include the development of the Nanhai refinery, located in Guandong Province, to refine 400,000 barrels per day of a mix of heavy crude Merey16 and / or Dcom16 of Venezuelan origin, from Petrourica and Petrosinovensa projects in the Hugo Chávez Orinoco Oil Belt or from other sources, with the first option of being transported by sea by the Chinese-Venezuelan joint venture CV Shipping PTE, Ltd.
On a phone call to Venezolana de Televisión network’s Encendidos program, the agreement signed by PDVSA and China National Petroleum Corporation (CNPC) "seals the location of Venezuelan oil that will be refined in China, which requires the adequacy of the architecture to be processed from the point of view of refining processes nationally and internationally".
"That is the architecture of geopolitics that the oligarchs and those who do not have the Venezuelan Homeland in their sight for development, will never understand. This means using the resources of our country for its sovereign development”, he said.
Menéndez also said that both nations installed the Secretariat of the High Level Joint Commission, prior to the Joint Commission that will be taking place. He also said that during the visit to China they discussed structural issues of the economy and development of Venezuela.
The Vice-President of Planning pointed out that at the High Level Commission they will address issues related to the production chains of iron, steel, aluminum and everything related to the national mining sector, linked to the development of the Bolivarian Economic Agenda. "This agenda has been seen, in the case of China, with great expectation, especially because of the deep faith they have about the future of our country”, he said.
Meetings were held to discuss financial issues with China Development Bank; 700 projects are being considered in different areas including the oil sector.
"Additionally, we are going to work on the production lines and the placing of China's surplus capacity in our country”, he said