Venezuela has announced it is working on a number of new oil deals with China, as it aims to reduce its dependence upon crude exports to the US. The China National Petroleum Corporation is expected to sink new investments in Venezuela’s oil facilities. The announcement comes as President Hugo Chavez is pushing a reorganization of Venezuela’s oil industry which would strip major US companies such as Exxon Mobil, ConocoPhillips and Chevron of their majority stakes in Venezuelan oil projects. “The United States as a power is on the way down, China is on the way up,” said Chavez after the announcement. “China is the market of the future.” (BBC, March 25)
We hate to remind Chavez, but the China National Petroleum Company has got some pretty bad karma of its own.
See our last post on Venezuela.