China will help Venezuela develop a huge oil field investing 14bn dollars

Wednesday, September 18th 2013 - 06:43 UTC

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China’s hydrocarbons company Sinopec and Venezuela’s PDVSA (Petroleos de Venezuela SA) agreed investments to develop the Junin 1 oil field in the Orinoco oil strip, which will demand 14 billion dollars for a daily extraction of 200.000 barrels, said PDVSA president Rafael Ramírez currently in Beijing. Read full article

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ChrisR
But what do they want in return!
Sep 18th, 2013 - 01:42 pm - Link - Report abuse 0
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Nosregor
“We are travelling to China to continue strengthening the close links with that several millenniums society which has offered so much to the development of the world”, Maduro said.

Maduro...tu eres un propio “Jala bola”
Sep 18th, 2013 - 01:58 pm - Link - Report abuse 0
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yankeeboy
From what I understand, the coming XL pipeline from the Canadian Tar sands will take all the refining capacity in the USA for heavy crude. So it will edge out Venezuela's oil from refining in the USA.
The only country with capacity coming online is China so I'm sure they are betting they'll be able to name their price once this starts production.
Sep 18th, 2013 - 02:54 pm - Link - Report abuse 0
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Nosregor
yankeeboy.
Could not agree more. China with its billion dollar loans has Venezuela over a barrel. We are indebted to them for life. I dint know how all of this will end up.
Sep 18th, 2013 - 05:04 pm - Link - Report abuse 0
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ChrisR
4 Nosregor

I suspect that a lot of us DO know how this is going to end up.

Can you eat with chopsticks, ride a poorly built bicycle, make out as if you have slitty eyes, wear a one piece dress and a coolie hat?

If you cannot you will be shot in the head with a cheap pistol and your family charged for the cartridge!

But who elected this shower of shit? You?
Sep 18th, 2013 - 06:01 pm - Link - Report abuse 0
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Briton
China always look good on the mantel piece,
But if it falls,
Someone will have to pick up the pieces..lol

.
Sep 18th, 2013 - 07:22 pm - Link - Report abuse 0
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Nosregor
ChrisR
Yes, I know the Chavista experiment will all end in tears...my question was more about how the debt with China will unfold over the years to come.
As a Resident I can vote up to the level of the State (in my case estado Bolivar), but not President nor Congress. In 1998 I would have voted for Salas Romer, never for any ex'military candidate....this is Latin America .....name me one ex military President that was nt a disaster ?
(never mind Pinochet).
Sep 18th, 2013 - 11:32 pm - Link - Report abuse 0
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ChrisR
7 Nosregor

Good man.
Sep 19th, 2013 - 05:53 pm - Link - Report abuse 0
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The Chilean perspective
You gotta hand it to the Chinese, 14 billion investment for a 7 billion per annum gross return...Not too shabby.
Sep 20th, 2013 - 01:35 pm - Link - Report abuse 0
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