China Buys More Oil: Investing $16 Billion In Venezuela

oil china petrochina

Hugo Chavez is saying that China has invested $16 billion in Venezuela for oil exploration. Details on the deal are scant thus far, but it will be a joint venture increasing oil production by 450,000 barrels per day.

A few days prior, Venezuela announced a $20 billion deal with Russia companies to pump 450,000 barrels per day.

See Also: China Is Buying The World

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.