Venezuela, China reach agreements on electric energy & oil
The agreements include the development of 900 megawatts of oil coke-based and carbon-based electric power, and new oil prospecting areas
"An agreement for the development of 900 megawatts of oil coke-based and carbon-based electric power has been entered into. New areas set for exploration, namely Junín 10 Sur, and the development of current fields have been agreed upon," Venezuela's Oil Minister Rafael Ramírez said, AFP cited.
The name of the company participating in the exploration of Junín 10, located in the Orinoco Oil Belt (55,314 km2 / 220,000 million of heavy oil) remains unknown.
Translated by Jhean Cabrera
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.