PRESS RELEASE

Venezuela and China advance in energy cooperation

By
Tuesday, September 11, 2018

This PDVSA press release was published using an automatic translation system.

In the framework of the official visit made by the Vice President of the Bolivarian Republic of Venezuela, Delcy Rodríguez, to the People's Republic of China, together with a team of the Bolivarian Government, which is the Minister of Popular Power of Petroleum and president of Petróleos de Venezuela, SA (PDVSA), Manuel Quevedo, a working meeting was held with the president of the National Petroleum Corporation of China (CNPC), Zhang Jianhua and his board of directors.

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During the meeting, Minister Quevedo highlighted the importance of the Chinese oil company for joint work with PDVSA, highlighting the achievements of the Sinovensa joint venture, thus contributing to the objective set by the President of the Republic, Nicolás Maduro, of increasing one million barrels per day the country's crude production.

Also, the president of PDVSA reported on two points in which President Maduro asked to deepen: the first, advance in gas exploitation agreements and the second, expand the operations of the Asian country on Venezuelan soil.

In that sense, the head of the Venezuelan oil portfolio indicated that Venezuela "has a reserve of more than 200 million cubic feet of gas available to develop, which represents an opportunity for both countries." It is an area that we must start working on. immediate way, "he said.

Similarly, Minister Quevedo said that now is a good time for the recovery of the Venezuelan oil industry, thanks to the support of partners in the world. "We have the opportunity, the fields, the national companies and the will of President Maduro, through the Plan of Economic Recovery of Venezuela, to strengthen ties with China and advance in oil production."

For his part, the president of CNPC, Zhang Jianhua described as correct the willingness of the Venezuelan government to increase domestic production, noting that, being Venezuela, the country with the largest crude oil reserves, "feel they have the duty to explore and exploit that enormous treasure that is in the subsoil. "

Jianhua said that in the political sphere, Venezuela and China are trusted friends and brothers; and on the economic level, thanks to the projects, it is possible to give continuity to joint work. "The agreements between CNPC and PDVSA have yielded large economic dividends and a significant volume of employment, this is a great bilateral achievement."

The Bolivarian Government continues deepening the Diplomacy of Peace and promoting the right of peoples to use their energy resources in a sovereign manner to achieve the greatest possible amount of happiness.