Venezuela and China sign US$2.2 billion energy deals

Venezuelan President Nicolás Maduro met with a delegation from the state-owned China National Petroleum Corporation (CNPC) in Caracas on 17 November 2016 to sign energy deals worth US$2.2 billion. The agreements cover investments in joint ventures with Venezuelan state oil company Petróleos de Venezuela (PDVSA) where CNPC has a minority holding, such as a deal to increase production by around 277,000 barrels per day in the Orinoco Oil Belt (América Economía). CNPC and PDVSA also agreed to construct an oil refinery in Jienyang, China, that will process over 400,000 barrels of oil per day (Globovisión). According to Maduro, the projects to increase oil production are backed by a Chinese credit line of up to US$9 billion (América Economía).