Venezuela, China sign 400,000b/d refinery agreements
Venezuelan national oil company PDVSA and China's CNPC signed a series of agreements related to development of their Nanhai refinery in China's Guangdong province.
The state-owned oil companies created a special-purpose JV called PetroChina/PDVSA Guangdong Petrochemical Company Limited, PDVSA said Wednesday.
The firms signed contracts for the sale of Venezuelan crude oil to the refinery, and for the sale of refined products from it. PDVSA said the companies aim for the facility to refine 400,000b/d of Merey 16 and Dcom 16 heavy crude produced in Venezuela.
During a visit to China to sign the agreements, PDVSA's external director and VP for planning and development, Ricardo Menéndez, also met with Chinese officials to discuss financing of some 700 projects in various industries - including oil and gas - in Venezuela by the China Development Bank.
Venezuelan crude output declined sharply from 2015-17 amid a pricing downturn for commodities globally and worsening economic and political strife in the country.
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