Friday, September 18, 2009

Venezuela Signs $36 Billion Oil Deal With China and Russia

I know that Obama and his administration are upset that the the United States was not invited to this Venezuela/China/Russia $36 billion oil party. Hugo Chavez has stated repeatedly that the South America is on the verge of war and this deal appears to make Venezuela prepared for such outcome.

China pledged to invest USD 16 billion in Venezuela's eastern Orinoco oil belt, where it will operate alongside state-run Petroleos de Venezuela SA, or PDVSA, he said. PDVSA and China's National Petroleum Corp. have been working to reach an agreement since signing a statement of intent last year.

On Saturday, PDVSA announced that a consortium of five mostly Russian companies had also agreed to invest in the heavy oil-producing region, and Chavez said that investment would total USD 20 billion.

Source: Zeenews.com

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