Venezuela has announced a $16 billion investment deal with China for oil exploration in the Orinoco river.
The move comes shortly after Venezuela signed a similar agreement with Russia, which is estimated to be $20 billion.
President Hugo Chavez said the deals would boost oil production in Venezuela by about 900,000 barrels per day.
Investors in Venezuela's oil industry have complained for months that a lack of government investment in infrastructure has hurt production.
To read full BBC story — Go Here Now.
|
