Jim,
China has been fully hedged against the humpty dumpty dollar for quite some time as the spending sprees continue.
CIGA BJS
Dear BJS
Yes, they have no dollar risk whatsoever but the average imbecile on financial TV has no clue.
Regards,
Jim
Venezuela signs US$40-bln worth pacts with Chinese oil giants
Updated: 2010-12-07 10:25
Venezuela’s Ministry of Energy and Petroleum has signed six contracts with China National Petroleum Corp, China Petrochemical Corp or Sinopec Group and China National Offshore Oil Corp for a combined contract value of US$40 billion, bringing the three Chinese petrochemical giants a significant presence in the South American country.
CNPC, the parent firm of PetroChina Co Ltd, inked one of the six deals to explore Junin 4 oilfield with a designed crude oil output capacity of 400,000 barrels per day. The Chinese company has a 40% stake in the project that will cost US$16 billion.
Chinese oil giant, Sinopec Group, which controlls Sinopec, will jointly develop Junin 1 and Junin 8 blocks with Petroleos de Venezuela. Each of the two oil blocks will daily yield 200,000 barrels of crude oil. A refinery will also be built by the two partners.
CNOOC Ltd’s parent China National Offshore Oil Corp will develop a 1.2 million-cubic feet natural gas project in Venezuela, sources reported.
