Heavy Oil Investing News » China and Venezuela increase ‘strategic fund’ for development

China and Venezuela increase 'strategic fund' for development

February 22, 2009 @ 9:33 pm In Heavy Oil Market News

Venezuelan President Hugo Chavez and Chinese Vice-President Xi Jinping have entered into an agreement to increase an existing bilateral strategic fund for oil development to $12 billion.

Chavez said:

Some 30 international oil companies are quantifying the reserves of heavy oil in Venezuela's Orinoco belt, and that some 174 million bbl of crude already had been verified by the end of 2008.

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[1] here: http://www.ogj.com/display_article/353984/7/ONART/none/ExplD/1/China,-Venezuela-bolster-