China and Venezuela meet on joint ventures

Caracas (Platts) 13 Nov 06

Officials from Venezuelan state oil company PDVSA and China’s CNPC met in Beijing on Sunday to analyze the possible creation of joint ventures in oil well services and construction of oil well equipment, PDVSA said in a statement Sunday.

Venezuela signed a Memorandum of Understanding with China to create the joint ventures when Venezuelan President Hugo Chavez visited China in August.

The two companies will meet again in January 2007 to analyze legal, technical and economic aspects of the joint ventures.

“The creation of joint ventures between China and Venezuela will reduce technological dependence and raise the national content on goods and services in the oil industry,” PDVSA’s E&P director Luis Vierma said in the statement.


PDVSA is attending the World Heavy Oil Conference in China from November 12-15.

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