Venezuela state-owned oil company PDVSA has signed a new financing agreement with Chinese oil group China National Petroleum Corporation (CNPC) to raise domestic crude oil production from their Petrozumano joint venture from the current 160,000 bbl/d to 230,000 bbl/d and that from the Petrourica joint venture by 30,000 bbl/d (required investment of US$500m). PDVSA will take a 40% stake in the 400,000 bbl/d Jie Yang refinery in China, that is currently under construction, and which will be supplied by Venezuelan crude oil.
In the last two years, PDVSA has secured US$10,708m of financing for its joint ventures: US$4,015m in Petrolera Sinovensa, US$2bn in Petroboscán, US$1,13bn in Petrodelta, US$1bn in Petrozamora, US$1.2bn in Petroquiriquire, US$625m in Petrocabimas, US$420m in Petrowarao and US$318m in Petrolera Indovenezolana. Earlier in November, PDVSA signed a total of US$1.45bn in financing agreements with local company DP Delta Finance and with Indian oil group ONGC Videsh Ltd (OVL) to raise production from their joint ventures.