WORLD> America
Venezuela signs new $16b China oil deal
(Agencies)
Updated: 2009-09-17 09:24

CARACAS: President Hugo Chavez said on Wednesday Venezuela signed a $16 billion investment deal with China over three years to raise oil output by several hundred thousand barrels per day in the OPEC member's Orinoco belt.

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Chavez gave few details of the deal he said was signed on Tuesday. "We have struck an agreement with China for the Orinoco belt over the next three years for $16 billion more," Chavez said on state television. He said that between a recently signed Russian project and the Chinese deal, output would rise by 900,000 bpd.

Last week, Venezuela and Russia formed a joint venture to develop the Junin 6 field with a $20 billion investment. Venezuela says the project will produce up to 450,000 bpd.