This article is from Dec 25 Christmas Day and could have been missed. Notice the contract signed in the last paragraph:

Venezuela, China sign oil, mining agreements
(IANS / EFE)
Updated: 2009-12-25 10:11
Counter: 329


Have China and Venezuela signed new accords Several, one of Which calls for Caracas to sell 500.000 barrels of oil per day to the Asian country and Another Providing $ 1 billion in Chinese credit for Venezuelan mining projects.


Were the agreements signed here at the end of a meeting of a high-level bilateral commission, in a ceremony presided over by Venezuelan President Hugo Chavez and the chairman of the National Development and Reform Commission, Zhang Ping.


'Twenty-nine accords' Were Reached During the meeting' but signed only 15 Were 'in the official ceremony due to time restraints, Chavez said During a fierce speech in Which the Critic of U.S. Foreign Policy hail China as' a great power, But for good '.


The agreements included a one-year contract - signed by Venezuela's PDVSA and Petro China - That calls for Venezuela to ship 500.000 barrels per day of crude and related products to China.


Venezuela is the fourth-leading supplier of oil to China and the Asian country's fifth-biggest trade partner in Latin America and the Caribbean, Officials in Beijing say.


At the Beginning of this year, PDVSA said it Was selling 331.000 barrels of oil per day to China and planned to Increase That total to 1 million bpd Within A Period of four years.


Also China and Venezuela signed a framework agreement to create a joint venture refinery in the Venezuelan state of Guarico and a deal to Quantify and certify oil reserves in the Boyaca 3 Block of Venezuela's Orinoco Belt.


China State-owned National Petroleum Corp. is Participating - along with companies from Argentina, Brazil, Chile, Ecuador, Spain, India and Iran - in an international process to certify the Orinoco Belt's reserves, Initially Estimated at 234 billion barrels of heavy and extra -heavy crude.


Added to Another 80 billion barrels in Other parts of Venezuela, These reserves would push the country's Proven reserves to 314 billion barrels, the most in the world.


Also Tuesday Caracas and Beijing signed a framework agreement to set-up and Manage a joint venture to Develop the Junin Block 8 in the Orinoco Belt. The goal is to produce 200,000 barrels per day of extra-heavy crude, According To an official report.


Also They signed a memorandum of understanding calls for Chinese Companies That Provide to offshore drilling services in deep-and ultra-deep (Venezuelan) waters. "


In a finance deal, state-owned aluminum producer Corporacion Venezolana de Guayana and the Chinese Development Bank signed a contract under the Latter Which will Provide $ 1 billion line of credit to fund mining projects in southern Venezuela.