Caracas, 22 Jul. AVN. - The Minister of Petroleum and Mining Rafael Ramírez, said that the new agreements between Venezuela and China allow exploit the energy resources of the nation to boost the economy and benefit the people.

"Through this cooperation scheme our energy potential that is the basis for the PRC can give us the financial support that will allow us to diversify our economy and underpin the development projects that are present in the Plan of the Nation "said Ramirez to the Venezuelan News Agency after the closing of the Joint Commission XIII Venezuela-China High Level, which was held Monday in Caracas.

He recalled that Venezuela and the Asian giant have managed to establish a close relationship of mutual benefit, which has made it possible "to reach a joint production of up to 1 million 125,000 barrels a day of oil in joint ventures of the Orinoco Oil Belt (FPO) Hugo Chavez. "

"We have established a line of whole vessels transport major oil and formalize our participation in the joint venture refinery in Chinese priemera territrio that will process 400,000 barrels produced in Venezuela," he explained.

Ramirez indicated that the Joint Commission XIII 38 new strategic cooperation agreements, most notably those related to fortalcimiento the oil and mining sector were signed.

One of them refers to the memorandum of understanding and financial cooperation between Petroleos de Venezuela (PDVSA) and the China Exim Bank for financing by 1,000 million.

He explained that these resources will be used by PDVSA for the purchase of goods and services required for the production of oil.

"Through our relationship with China we have established a line of attempts, and acquired 2,500 million in essential equipment such as drills, but we need to keep bringing equipment and supplies to forward operating in the band," he said.

He also referred to financial cooperation agreement for the development of oil projects between PDVSA and China's Sinosure corporation, which will streamline the process of issuing insurance policies for both export credits that are signed by the state oil as for oil projects and natural gas contract with Chinese companies, including the export of mechanical and electrical products and equipment.

"This agreement will be possible to strengthen the relationship between the various institutions that deal with the financial area between the two countries, and create the conditions to carry out the operations and reduce costs," he said.

Mining development

At the closing of the joint committee, Venezuela also signed a financing agreement of 691 million dollars with Citic Bank and the Bank of China, for certification and exploration of mineral reserves and strengthen the country's gold production.

Ramirez said that this contract will take place the first miner map "that will quantify and certify the mineral reserves in the country, as was done in the Orinoco Oil Belt."

He said that this process will start certifcation short term, to pave the way for the formation of a mixed empersa with Chinese group Citic.

"We will develop a gold mining project in a mine called South Sifonte Bolivar state, where we will keep control of operations and majority shareholder, to promote mining as a strategic economic area in the nation," he added.