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Venezuelan national oil company PDVSA signed a series of agreements with China for oil and gas projects requiring US$2.4bn of total investment.
The agreements cover PDVSA's participation in the construction of the Nahai oil refinery in China and an EPC contract for facilities to increase production of extra heavy crude by the Sinovensa joint venture in Venezuela's Orinoco belt.
As well as financing commitments from China Development Bank for oil and gas projects, the agreements include a memorandum of understanding to advance development of other Venezuelan-Chinese JVs in the sector.
The agreements, which PDVSA announced Tuesday in a statement, follow pledges by the NOC and China National Petroleum Corporation (CNPC) to ramp up output from Sinovensa, as well as from JVs Petrozumano and Petrourica.