OREANDA-NEWS. August 11, 2011. Venezuela-China rapprochement includes the interest of the Asian giant in reliable and steady supply of raw materials and energy for its increasingly intense economy.

For the agreements on supply of crude oil and byproducts and the agreements on repayment with crude oil under the Chinese Fund, Venezuela is sending around 350,000 barrels per day (bpd) of crude oil and byproducts, said Eulogio del Pino, Exploration and Production Vice-President of the state-run oil holding Petroleos de Venezuela (Pdvsa).

In addition, Del Pino reported that out of the total volume shipped to China, 20,000-25,000 bpd are sent for valuable consideration of the Chinese Fund.

The director added that the goal of shipments to China in 2015 totals one million bpd. the total volume shipped to China, 20,000-25,000 bpd are sent for valuable consideration of the Chinese Fund.

The director added that the goal of shipments to China in 2015 totals one million bpd.

More shipments
The governments of Venezuela and China scheduled for 2008, 2009 and 2010 shipments of crude oil and byproducts from Pdvsa to China National Petroleum Corporation (CNPC). They are expected to reach as high as 100,000; 330,000 and 360,000 bpd, respectively.

While such goals were not reached, shipments have gradually risen. According to Pdvsa data, in 2008, a total of 86,000 bpd (86% of the agreed-upon volume) was sent, in addition to 188,000 bpd (57%) in 2009 and 244,000 bpd (67%) in 2010.