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Venezuela, China signed agreements for $ 2.8 billion to increase oil production

AVN.- Venezuela and China have signed an investment plan of more than $ 2.8 billion to increase crude oil production by 325,000 barrels a day, Venezuela's Vice President of Planning and Knowledge Ricardo Menendez said Monday.
Menendez, who chaired the China-Venezuela High Level Joint Commission in Beijing, said that this oil increase will come from the Orinoco Oil Belt Hugo Chavez as part of the development of the Petrozumano and Petrosinovensa joint ventures and the maintenance of 300 wells in the Ayacucho Block.
With this investment, Menendez explained, Petrosinovensa will go from a production of 165,000 to 230,000 barrels a day, while the joint venture Petrozumano will increase 15,000 barrels per day in addition to its production.
The increase in production will be complemented by the reconnection of wells in Maracaibo Lake, Zulia state.
As part of the working agenda, Menendez said that both sides have ratified their commitment to continue building the Nanhai refinery in South China, a complex that will have the capacity to process 400,000 barrels of extra-heavy crude from the belt.
In addition, with an investment of $1.45 billion, the two countries agreed to boost infrastructure and equipment for the Araya Deep Water Port project in the eastern Sucre state, which will be used as a strategic point of the Orinoco belt to transport crude with large vessels to international market, mainly for Asia.
It is estimated it will have a reserve capacity of 20 million barrels and will be connected by a pipeline system with the belt.
"This port to be located in Araya Peninsula will allow large vessels relating to oil trade between Venezuela and Asia as well as other parts of the world, will additionally have the storage capacity of more than 20 million barrels," he said.
Support to the 15 engines
Venezuela and the People's Republic of China signed bilateral agreements on automobile, agricultural and industrial areas with the aim of boosting the productive development of the 15 engines of the Bolivarian Economic Agenda.
Menendez said that in the agriculture sector, they evaluated to add, with support and the experience of China, more than 100,000 hectares for the sowing of cereals, as well as more than 80,000 hectares of cotton.
He also stressed that many Chinese companies showed interest in joining the strategic alliance of management in the Cotton Industrial Complex Algodones del Orinoco, located in the Cabruta sector of Guarico state, as well as in the Madre Plant, in Anaco, for the development of the textile chain.
"This in the agricultural sector poses a refocus to deepen and bring satisfaction in domestic markets and export markets," he said.
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