Venezuelan President Hugo Chavez on Wednesday announced a US$16 billion deal with China to drill for oil in the resource-rich Orinoco basin.
“Yesterday [Tuesday], a deal was signed in Beijing for the Orinoco basin. It sets out a Chinese investment of US$16 billion over the next three years,” Chavez said at a public event.
He gave few details of the pact and did not name the Chinese companies involved, but said they would form a joint venture with state-owned Petroleos de Venezuela (PDVSA) to produce 450,000 barrels a day of extra heavy crude.
PHOTO: AFP
Venezuela, a founding member of the oil cartel OPEC and Latin America’s top oil exporter, announced on Saturday that it had signed a similar accord with a Russian consortium.
The deal will see the group of five Russian companies invest more than US$20 billion over three years, and gives them rights to drill for oil in the part of the Orinoco oil belt.
PDVSA said production with the Russian companies on the massive Junin 6 heavy crude block would begin by 2012. Junin 6 is estimated to hold 53 billion barrels of heavy crude, making it one of the world’s largest reserves.
That joint venture — with the Russian companies Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz — is expected to produce 450,000 barrels a day by 2012, Chavez said.
Chavez on hailed the two deals saying the total would boost production by 900,000 barrels a day, which would be marketed along with Russian and Chinese companies.
“In addition, there will be a flood of technology into the country, with China going to build drilling platforms, oil rigs, railroads, houses,” Chavez said.
Chavez said that during his recent visit to Moscow he signed the venture that would give PDVSA a 60 percent stake in the firm, with 40 percent to the consortium.
FALSE DOCUMENTS? Actor William Liao said he was ‘voluntarily cooperating’ with police after a suspect was accused of helping to produce false medical certificates Police yesterday questioned at least six entertainers amid allegations of evasion of compulsory military service, with Lee Chuan (李銓), a member of boy band Choc7 (超克7), and actor Daniel Chen (陳大天) among those summoned. The New Taipei City District Prosecutors’ Office in January launched an investigation into a group that was allegedly helping men dodge compulsory military service using falsified medical documents. Actor Darren Wang (王大陸) has been accused of being one of the group’s clients. As the investigation expanded, investigators at New Taipei City’s Yonghe Precinct said that other entertainers commissioned the group to obtain false documents. The main suspect, a man surnamed
DEMOGRAPHICS: Robotics is the most promising answer to looming labor woes, the long-term care system and national contingency response, an official said Taiwan is to launch a five-year plan to boost the robotics industry in a bid to address labor shortages stemming from a declining and aging population, the Executive Yuan said yesterday. The government approved the initiative, dubbed the Smart Robotics Industry Promotion Plan, via executive order, senior officials told a post-Cabinet meeting news conference in Taipei. Taiwan’s population decline would strain the economy and the nation’s ability to care for vulnerable and elderly people, said Peter Hong (洪樂文), who heads the National Science and Technology Council’s (NSTC) Department of Engineering and Technologies. Projections show that the proportion of Taiwanese 65 or older would
Democracies must remain united in the face of a shifting geopolitical landscape, former president Tsai Ing-wen (蔡英文) told the Copenhagen Democracy Summit on Tuesday, while emphasizing the importance of Taiwan’s security to the world. “Taiwan’s security is essential to regional stability and to defending democratic values amid mounting authoritarianism,” Tsai said at the annual forum in the Danish capital. Noting a “new geopolitical landscape” in which global trade and security face “uncertainty and unpredictability,” Tsai said that democracies must remain united and be more committed to building up resilience together in the face of challenges. Resilience “allows us to absorb shocks, adapt under
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it is building nine new advanced wafer manufacturing and packaging factories this year, accelerating its expansion amid strong demand for high-performance computing (HPC) and artificial intelligence (AI) applications. The chipmaker built on average five factories per year from 2021 to last year and three from 2017 to 2020, TSMC vice president of advanced technology and mask engineering T.S. Chang (張宗生) said at the company’s annual technology symposium in Hsinchu City. “We are quickening our pace even faster in 2025. We plan to build nine new factories, including eight wafer fabrication plants and one advanced
RSS