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

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