Chavez obtains $40 billion worth of oil investments with several nations http://www.pr-inside.com/venezuela-chavez-obtains-40-billion-worth-r1884823.htm

President Chavez has met a top level Chinese delegation, consisting of consultants from the Chinese Development Bank.President Chavez made the announcement on his twitter machine and the Communications & Information Ministry (Minci) padded in the report with full names of the Chinese and Venezuelan delegations.The visit comes a few weeks after China and Venezuela signed several legal and judicial agreements to develop the national electricity grid and drilling in the Orinoco Oil Belt.

Several joint ventures were set up and technological transfer formed part of the deal. Under one agreement Venezuela will no longer need to import processed sisal to make sacks. A joint venture has been set up in Lara State where sisal cultivations have been encouraged.This week President Chavez is expected to sign oil agreements with Japan, India, Spain and the USA. The investment involved as announced by President Chavez on twitter is $40 billion.Energy & Mines Minister Rafael Ramirez has confirmed the renewal of news exchanges on oil matters that had been suspended by George W. Bush since 2004, an agreement that had been in force since 1940.

The new US administration said it was interested in returning to the former exchange agreement and ratified its decision inviting Ramirez to Washington precisely to attend a oil news exchange meeting.The agreement with India will most likely include upping the amount of oil supplies to that country as demand has grown. Indian companies are already in Venezuela extracting oil and Venezuela is working in a north-eastern Indian oil field.Venezuelan Foreign Vice Minister for Asia, Temir Porras has just completed a visit to India to push, among other things, for the creation of a sovereign investment fund of $100 billion between the two countries based on oil exchange.Porras stated that Venezuela is currently sending 150,000 bpd to India.