State oil companies from China, the world's second-largest oil importer, and fifth-largest exporter Venezuela are strengthening their partnership by co-investing in oilfields in the South American country.
China National Petroleum Corp (CNPC), the parent company of the nation's largest oil producer listed in Hong Kong, PetroChina, on Thursday signed an initial agreement with Venezuela's state oil company, Petroleos de Venezuela SA (PDVSA), to develop and manage Venezuela's Zumano oilfields in the eastern part of the country, PDVSA said in a statement on its website.
Liu Weijiang, a CNPC spokesman, on Friday told China Daily the two companies signed an agreement this week during the recent visit to China by Venezuelan Minister of Energy and Petroleum and PDVSA President Rafael Ramrez. Liu did not elaborate on the content of the agreements, saying CNPC would remain low-key before any concrete progress has been made.
In order to expand business in China, PDVSA set up a branch office in Beijing on Monday. |