May 19, 2009

China Secures Latin American Oil Ahead of Summit

Venezuela Energy Minister Rafael Ramirez said today that the country will soon begin assembly of the first of 13 deep water oil drilling platforms China will assist Venezuela in building under a 2007 oil deal.

Meanwhile, currently on a state visit to Beijing Lula da Silva, President of Brazil, signed over a dozen agreements including $10 billion in financing from the China Development Bank for Brazil's state-owned energy major Petrobras for future supplies of 100,000 barrels of oil per day to China.

The 3rd China-Latin America Business Summit will be held in November in Bogota, Colombia.

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