Venezuela, China signed agreement to increase oil refining

Caracas, 07 Jun. AVN.- Venezuela and China signed an agreement to increase crude oil refining up to 400 thousand barrels per day, Vice President of Planning Ricardo Menendez said Wednesday in a phone call aired in local television.

Menendez, who heads the Venezuelan delegation visiting China amid a work agenda to keep track of oil, mining, industrial, agricultural and petrochemical development projects, said that the agreement includes processing of oil extracted from the Orinoco Oil Belt Hugo Chavez at the Nanhai refinery, through joint work between the state-owned PDVSA and the China National Petroleum Corporation (CNPC).

"For that crude to be processed, it requires adequacy, architecture from the point of view of refining processes and in this case, the Nanhai refinery will process 400,000 barrels per day," he said.

The Minister of Planning said that both nations set up the secretary of the High-Level Joint Commission "prior to the Joint Commission we are going to be carrying out," and stressed that the Venezuelan embassy in China will hold a series of meetings Wednesday to assess the boost of joint mining projects, aimed at expanding production chains of iron, steel and aluminum.

He added they also agreed to produce steel bars, glass, cement, to supply the domestic market, and develop initiatives related to carpentry, blacksmithing and personal hygiene products in the focus areas of the social policy Barrio Nuevo, Barrio Tricolor, under the management of the organized popular power.

As a new modality of work, the vice president informed that China's and Venezuela's representatives will hold video-conferences. The first, which will take place on Thursday, will address issues related to the agricultural sector, with the support of the Minister of Agricultural Production and Lands, Wilmar Castro Soteldo. While the video-conference expected for Friday will address the mining sector in charge of the Minister for Ecological Mining Development, Jorge Arreaza.

The vice president of Planning informed the delegations of Venezuela and China have reviewed the development of 700 projects that have the financing of the China Development Bank.