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.
Source: Zeenews.com
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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