Let’s say you’ve
recently nationalized major foreign oil assets (not to mention
other strategic industries), but you want more foreign expertise and capital to develop your energy sector. Where do you look?
China and
Russia, of course.
Venezuela's President Hugo Chavez announced that China will invest $16 billion in an oil exploration project in the Orinoco River region, according to media reports.
The news comes only a few days after Venezuela signed a $20 billion joint venture agreement with a group of Russian oil companies to develop the Junin 6 deposit in the Orinoco basin, reports said.
Russian oil pipeline operator OAO Transneft plans to start building a $600 million oil pipeline in Venezuela within three to four years, the company said Friday after signing a memorandum of understanding with Venezuela's state oil company.
Under the memorandum signed with Petroleos de Venezuela SA, or PdVSA, Transneft will build infrastructure for development of the Orinoco oil belt, including a 1,300 kilometer pipeline.
It sure is a multi-polar world out there...
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