AGREEMENTS | Venezuelan authorities informed

Venezuela, China reach agreements on electric energy & oil

The agreements include the development of 900 megawatts of oil coke-based and carbon-based electric power, and new oil prospecting areas

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EL UNIVERSAL

Monday December 03, 2012 10:21 AM

Within the framework of the 11th High-Level Joint Committee meeting held in Beijing last week involving three Venezuelan ministers, Venezuela and China entered into new cooperation agreements in electric power and oil, the Venezuela's Ministry of Communication and Information stated.

"An agreement for the development of 900 megawatts of oil coke-based and carbon-based electric power has been entered into. New areas set for exploration, namely Junín 10 Sur, and the development of current fields have been agreed upon," Venezuela's Oil Minister Rafael Ramírez said, AFP cited.

The name of the company participating in the exploration of Junín 10, located in the Orinoco Oil Belt (55,314 km2 / 220,000 million of heavy oil) remains unknown.

Translated by Jhean Cabrera

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José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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