China could further increase its investments in Venezuela's energy sector in oil production, refineries, natural gas projects, terminals and in the exportation and industrialization of coke and sulfur, a source with Venezuela's Energy and Oil Ministry said Monday.
"It is anticipated that the joint investments between PDVSA and Chinese companies might reach $40 billion in the next 10 years," said the official, who spoke on condition of anonymity.
This comes after a Chinese delagation visited Venezuela during the last two weeks of April to discuss possibly participating in state oil company PDVSA's projects underway to improve refineries in Puerto La Cruz and El Palito. Delegates included representatives from the China Development Bank, China International Engineering Consulting, and China Petroleum and Petrochemical Engineering.
Venezuela and China had signed a general agreement in December to provide a framework for such investments.
PDVSA has so far already signed three specific agreements with Chinese companies: with China National Petroleum Corporation to form a joint venture in the Junin 4 block of the Orinoco Belt, with Sinopec to develop the Junin 1 block and with CNOOC to develop the massive Mariscal Sucre offshore LNG project.
