In addition to the Orinoco project, Sinopec will control 32% of a JV operating in the Posa exploration project in the eastern part of the Gulf of Paria. PDVSA will control 60% of the project and Venezuela's Inelectra the remaining 8%, the paper said.
Sinopec also is active in Ecuador.
Venezuela's energy and oil minister Rafael Ramírez announced last year China would invest US$5bn in Venezuela's oil industry.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you