China National Petroleum to develop Venezuelan project in $14B deal

China National Petroleum to develop Venezuelan project in $14B deal • 2:49 PM

• Venezuela's PDVSA signs a new $14B deal with China National Petroleum (PTR +1.4%) to develop heavy-oil deposits in the country's Orinoco belt, according to the company's oil minister.
• The Orinoco region holds one of largest oil reserves in the world, and PDVSA is working on projects there with foreign partners including Italy's Eni (E), Spain's Repsol (REPYY.PK, REPYF.PK) and Russia's Rosneft (RNFTF.PK).
• CNPC already has minority stakes in two other Orinoco belt projects with PDVSA.

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