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CARACAS, Wednesday September 16, 2009 | Update
China to invest USD 16 billion in the Orinoco oil belt
"We have struck an agreement with China for the Orinoco oil belt over the next three years for USD 16 billion more," President Hugo Chávez said
Economy
President Hugo Chávez announced on Wednesday that Venezuela signed a USD 16 billion investment deal with China over three years to raise oil output by several hundred thousand barrels per day in the Orinoco oil belt.
"We have struck an agreement with China for the Orinoco oil belt over the next three years for USD 16 billion more," Chávez said on state television, as quoted by Reuters.
Chávez said that between a recently signed Russian project and the Chinese deal, output would rise by 900,000 bpd.
On the Cover
IISS: The FARC financed Chávez before 1999
10:07 AM. DIPLOMACY. Admired by the Colombian guerrilla after his coup attempt in 1992, the then lieutenant colonel Hugo Chávez Frías received financial support by the Colombian Revolutionary Armed Forces (FARC) for his projects after his capture that year. This mostly explains the relationship and "debt" between the parties, as revealed by a paper of the International Institute for Strategic Studies (IISS) of the United Kingdom.
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