China will invest US$2.8bn to boost crude oil production in Venezuela
Venezuela and China have signed an investment plan of more than US$2.8bn aimed at raising crude oil production from the joint ventures of state-owned companies PDVSA and China National Petroleum Corporation (CNPC) to 325,000 bbl/d. The investment package should help Petrozumano raise its production by 55,000 bbl/d, from 165,000 bbl/ to 230,000 bbl/d, and Petrosinovensa to increase its production by 15,000 bbl/d, from 80,000 bbl/d to 95,000 bbl/d.
PDVSA and CNPC have committed to continue building the 400,000 bbl/d Nanhai refinery in South China, which will process their extra-heavy crude oil production from the Orinoco Belt in Venezuela. Venezuela and China plan to invest US$1.45bn to develop infrastructures and equipment for the Araya Deep Water Port project in Sucre, which will be connected by a pipeline system to the Belt oil fields and will have a reserve capacity of 20 mbl.
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