ChinaLat Law : China and Latin America Litigation Lawyer & Attorney : Diaz, Reus, Rolff & Targ Law Firm : Trade, Business, Dispute Resolution

QMexican migrants living abroad sent more money back home in April than they did in the

same month a year earlier, the Bank of Mexico said June 1. The year-on-year increase was small, less than 1 percent, but it was the first annual increase in 17 months. The report also said remittances to Mexico from January through April amounted to $6.6 billion, an almost 9 percent decline from the same period in 2009. Are remittance flows to Mexico and the rest of Latin America recovering? How important are the flows to economic recovery in the region? What is needed for a sustained recovery in remittances?

 

AManuel Orozco, member of the Financial Services Advisor board and director of the

remittances and development program at the Inter-American Dialogue: "There exists a slow recovery of remittances to Latin America mostly reflected in that more people are sending money to their relatives with regular frequency. Most remittance recipient countries have registered a recovery by the second quarter of 2010. However, the average amount sent has yet to return to 2008 levels ($270). Immigrants continue to face various challenges dealing with the economic recovery. In Spain, the severity of the crisis has affected the large majority of immigrants in sending the amounts they were used to remitting, and unemployment has affectedmore than 20 percent of the labor force. In the United States, the percent of people who were unable to remit the same amount as in previous years has declined, but 35 percent are still remitting less. The recovery is substantially important to thousands of households, 2 million of which received less in 2009. In order to ensure the return of remittances, immigrants need to benefit from the economic recovery and improve their current economic conditions with better jobs and earnings, while their relatives must maximize the benefits by improving the man-agement and handling of this valuable
income."

 

ASumeet H. Chugani and Ricardo Ortiz, associate attorneys at Diaz, Reus & Targ, LLP:

"Remittances to Latin America are rebounding after an 18-month downturn. From 1998 to 2008, remittances to the region increased an average of 15 percent each year. Because remittances continue to be an indispensable lifeline for many throughout Latin America and the Caribbean, their recent decline (although modest) posed a significant hardship to individuals and governments alike. This was especially true for those Latin American nations facing external financing gaps. In Mexico, remittances are the second leading source of income, behind only oil exports. Indeed, Mexico is the largest recipient of remittances in the region. Consequently, Mexico's drastic remittance drop of more than 16 percent, down to $21.1 billion in 2009, continues to have grave consequences for that country's fight against poverty and its efforts at continued economic development. Strong remittance flows throughout Latin American are vital for both current economic recovery and futureinfrastructure building. In El Salvador, Guyana, Haiti and Honduras, for example, remittances continue to be a fundamental source of stable income. For a region which continues to lack access to credit, remittance flows naturally impact the livelihood,  education, business and overall productivity of individuals who are otherwise locked out of conventional sources of capital gain. Certainly, traditional investments in physical and human capital, trade and foreign direct investment must continue in order to allow Latin America as a region to develop its infrastructure and expand its economy.However, strategically harnessing
the contribution of remittances through reliable transfers of funds will play a necessary role in achieving Latin America's ultimate goal of becoming a significant force in the global economy. With recent signs of growth in the U.S. economy, remittance flows to Latin America should not only stabilize, but potentially surpass their previous levels."

 

ASergio Perez Ruiz, CEO of More Money Transfers in Montevideo, Uruguay: "The inflow of

remittances to the region is at a plateau. Any country may experience some slight signs of recoverysuch as in Mexico. However, remittances to other countries, such as Brazil and Paraguay, have continued to fall. Although the amount of remittances has been sustained or is growing in some cases, the volumes and average amounts of remittances continue falling, especially from Europe. Remittances can be the principal driver of commerce and a main economic support for the education of the neediest sectors. They are important not only for economic recovery, but also as the foundation for future generations. The first thing needed for a recovery in remittances is that social safety nets in developed countries attend to the needs of migrants and don't discriminate against them. Secondly, job creation will undoubtedly be the primary vehicle for coming out of this crisis, which is affecting markets that generate remittances. It would also be good to identify new destinations where growth is leading to demand for labor and to promote these regions as destinations for migrants."

 

 

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The State Council meeting yesterday spelled out eight consumption policies in 2010. Most of them are in line with market expectations. But two changes can be viewed as negative by the market or some market participants: an effective increase in the auto purchase tax by 2.5ppts, and the resumption of the business tax for sales of properties held for less than 5 years from 2010.

These eights points from the State Council are:

1) "Continue the rural subsidy program for electronics products." This is in line with market expectation.

2) "Extend the go-rural policy for auto". This is also expected and has little impact on auto sales anyway.

3) "The old-for-new swap program for electronics will continue." This is in line with market expectations.

4) "Continue the subsidy program for agriculture machinery and further increase subsidies". This is largely in line with expectations.

5) "Expand the pilot program for new energy automobiles from 13 cities to 20 cities, and initiate a pilot program in 5 cities for individual purchases of new energy cars". This is new and a small positive for auto makers.

6) "The auto purchase tax will be adjusted to 7.5% for cars with engine size smaller than 1.6 liters for 2010". This means a 2.5ppt rise in the tax rate. It is unexpected and a negative for auto demand in 2010.

7) "The previous policy of exempting the business tax on sales of properties held for less than 5 years will be restored in 2010." This change is consistent with the announced policy schedule (the government officially stated at end-2008 when the rule was changed to exemption for sales of properties held for less than 2 years, that this temporary change would expire at the end of 2009) and is in line with our expectation. However, for some bullish observers who have been wrongly predicting that the govt would continue the same business tax policy in 2010, it could be a negative. On a fundamental basis, we think this is a right policy to limit speculative demand and prevent property bubbles.

8) "Extend the policy of reducing social insurance premiums for selected individuals". This is broadly positive of the low income population.

Jun Ma
Chief Economist, Greater China
Head of China/Hong Kong Macro Strategy
Deutsche Bank Hong Kong

 

 

 

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Brazil replaces Mexico as China's top market in Latin America and boosts its surplus as well.

BY JOACHIM BAMRUD

 

As Chinese and Latin American companies meet in Bogota this week for the third annual China-Latin America Business Summit, they have reason to be bullish. China continues to be the fastest-growing trade partner for Latin America, helping offset weaker markets like Europe and the United States.

 

Last year, total trade between China and Latin America reached $140.0 billion, a new record and a 40.3 percent increase from 2007. That's more than three times the increase in Latin America's trade with the United States and Europe, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF), the U.S. Census Bureau and Eurostat.

 

“At this time, China needs raw materials and Latin America manufactured products,” Feng Liu, first vice president of the New York branch of the Bank of China, said at the annual Latin American bankers association (Felaban) meeting in Miami last week. “But, we need to study how these trends will change in the future in order to maintain a strong trade structure.”

 

AMPLE BASIS

China’s need for raw materials and Latin Americans’ enhanced purchasing power provide ample basis for continued strong trade between the two areas, added John Weinshank, senior vice president for the China Construction Bank.

 

 

China’s exports to Latin America grew by 39.4 percent to $69.7 billion, while imports increased 41.2 percent to $70.3 billion. That means that Latin American exports to China grew by more than four times compared with exports to the United States last year, and more than three times compared with exports to the European Union. The crisis will likely cement that trend, since China has been the fastest-growing major economy in the world this year, while the U.S. and European economies continue to be weak performers.

 

 

It also means that Latin America managed to post a surplus with China last year – of $535 million – compared with a deficit of $235 million in 2007. That surplus was caused by six countries alone. The other 14 posted deficits with China.

The China-Latin American trade growth is even more dramatic when compared with previous years. In the five-year period from 2004 to 2008, it more than tripled, growing by 256 percent.  

 

The Latin Business Chronicle analysis shows that Brazil replaced Mexico as China's top market in Latin America, but Bolivia and Peru saw even ...

 

Full article, please see http://www.latinbusinesschronicle.com/app/article.aspx?id=3814.

 

 

Continue Reading...

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CARACAS, Venezuela — As Washington tries to rebuild its strained relationships in Latin America, China is stepping in vigorously, offering countries across the region large amounts of money while they struggle with sharply slowing economies, a plunge in commodity prices and restricted access to credit.

 

In recent weeks, China has been negotiating deals to double a development fund in Venezuela to $12 billion, lend Ecuador at least $1 billion to build a hydroelectric plant, provide Argentina with access to more than $10 billion in Chinese currency and lend Brazil’s national oil company $10 billion. The deals largely focus on China locking in natural resources like oil for years to come.

 

China’s trade with Latin America has grown quickly this decade, making it the region’s second largest trading partner after the United States. But the size and scope of these loans point to a deeper engagement with Latin America at a time when the Obama administration is starting to address the erosion of Washington’s influence in the hemisphere.

 

“This is how the balance of power shifts quietly during times of crisis,” said David Rothkopf, a former Commerce Department official in the Clinton administration. “The loans are an example of the checkbook power in the world moving to new places, with the Chinese becoming more active.”

 

Mr. Obama will meet with leaders from the region this weekend. They will discuss the economic crisis, including a plan to replenish the Inter-American Development Bank, a Washington-based pillar of clout that has suffered losses from the financial crisis. Leaders at the summit meeting are also expected to push Mr. Obama to further loosen the United States policy toward Cuba.

 

Meanwhile, China is rapidly increasing its lending in Latin America as it pursues not only long-term access to commodities like soybeans and iron ore, but also an alternative to investing in United States Treasury notes.

 

One of China’s new deals in Latin America, the $10 billion arrangement with Argentina, would allow Argentina reliable access to Chinese currency to help pay for imports from China. It may also help lead the way to China’s currency to eventually be used as an alternate reserve currency. The deal follows similar ones China has struck with countries like South Korea, Indonesia and Belarus.

 

As the financial crisis began to whipsaw international markets last year, the Federal Reserve made its own currency arrangements with central banks around the world, allocating $30 billion each to Brazil and Mexico. (Brazil has opted not to tap it for now.) But smaller economies in the region, including Argentina, which has been trying to dispel doubts about its ability to meet its international debt payments, were left out of those agreements.

 

Details of the Chinese deal with Argentina are still being ironed out, but an official at Argentina’s central bank said it would allow Argentina to avoid using scarce dollars for all its international transactions. The takeover of billions of dollars in private pension funds, among other moves, led Argentines to pull the equivalent of nearly $23 billion, much of it in dollars, out of the country last year.

 

Dante Sica, the lead economist at Abeceb, a consulting firm in Buenos Aires, said the Chinese overtures in the region were made possible by the “lack of attention that the United States showed to Latin America during the entire Bush administration.”

 

China is also seizing opportunities in Latin America when traditional lenders over which the United States holds some sway, like the Inter-American Development Bank, are pushing up against their limits.

 

Just one of China’s planned loans, the $10 billion for Brazil’s national oil company, is almost as much as the $11.2 billion in all approved financing by the Inter-American Bank in 2008. Brazil is expected to use the loan for offshore exploration, while agreeing to export as much as 100,000 barrels of oil a day to China, according to the oil company.

 

The Inter-American bank, in which the United States has de facto veto power in some matters, is trying to triple its capital and increase lending to $18 billion this year. But the replenishment involves delicate negotiations among member nations, made all the more difficult after the bank lost almost $1 billion last year.

 

China will also have a role in these talks, having become a member of the bank this year.

 

China has also pushed into Latin American countries where the United States has negligible influence, like Venezuela.

 

In February, China’s vice president, Xi Jinping, traveled to Caracas to meet with President Hugo Chávez. The two men announced that a Chinese-backed development fund based here would grow to $12 billion from $6 billion, giving Venezuela access to hard currency while agreeing to increase oil shipments to China to one million barrels a day from a level of about 380,000 barrels.

 

Mr. Chávez’s government contends the Chinese aid differs from other multilateral loans because it comes without strings attached, like scrutiny of internal finances. But the Chinese fund has generated criticism among his opponents, who view it as an affront to Venezuela’s sovereignty.

 

“The fund is a swindle to the nation,” said Luis Díaz, a lawmaker who claims that China locked in low prices for the oil Venezuela is using as repayment.

 

Despite forging ties to Venezuela and extending loans to other nations that have chafed at Washington’s clout, Beijing has bolstered its presence without bombast, perhaps out of an awareness that its relationship with the United States is still of paramount importance. But this deference may not last.

 

“This is China playing the long game,” said Gregory Chin, a political scientist at York University in Toronto. “If this ultimately translates into political influence, then that is how the game is played.”

 

 

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As the G-20 summit approaches, it's unlikely China and the U.S. will allow recent disagreements to get in the way, say experts

 

Whenever Washington and Beijing become embroiled in a trade row, there's always a fear it will escalate. But some Western economists say the likelihood that President Barack Obama's decision on Sept. 11 to slap a 35% anti-dumping tariff on Chinese tire exports will lead to a protectionist trade war looks small. China waited two days before announcing on its Ministry of Commerce Web site probes into dumping and subsidies of chicken and auto parts from the U.S. And it's likely to move cautiously for fear of poisoning the waters in advance of a bilateral meeting scheduled between Chinese president Hu Jintao and Obama in New York next week in advance of the G-20 meetings in Pittsburgh.

 

Both sides have been down this road before and this latest dispute may well resemble a choreographed pas de deux. "The U.S. is not accusing China of doing anything wrong, and China has a track record of responding rationally according to the [World Trade Organization] process," said Andy Rothman, CLSA China economist, on the sidelines of its annual investor forum that kicked off in Shanghai on Sept. 14. "I don't think this is going to set off a trade war."

 

That's good news, especially as the world economy remains in a parlous state. China appears to be on track to achieve its 8% growth target for gross domestic product this year thanks to huge government spending on investment. But the holy grail for the Chinese government—to rebalance China's growth away from exports toward stronger consumer spending—appears as elusive as ever.

 

The Consumption Difference

The ability of Chinese consumers to take up the slack created by the fall in U.S. consumer spending is limited indeed. Americans spent about $10 trillion last year, compared with $1.4 trillion by Chinese, and consumption in the U.S. accounts for about 70% of GDP compared with about one-third in China, according to Morgan Stanley (MS). And although spending on automobiles and new housing has recovered faster this year than expected, it will have limited impact on imports as much of what China buys from its neighbors are components assembled and re-exported.

 

Before the news of the latest tariff move by the U.S. broke, an overriding theme at the so-called Summer Davos, the World Economic Forum held in the northeastern Chinese city of Dalian on Sept. 9-12, was the importance of getting Chinese consumers to open their wallets, but Chinese and foreign delegates alike acknowledged that will be no simple task. "This [financial crisis] is China's wake-up call to recognize that the model that's worked so brilliantly for the past 30 years, especially the past 15 years— the export driven model—needs to give way to one that gives way to internal private consumption," says Stephen Roach, chairman of Morgan Stanley Asia.

 

According to Roach, the accumulation of huge trade surpluses driven by excessive dependence on the U.S. consumer is an unsustainable growth model. Getting China's notoriously heavy savers to change their ways won't happen until Beijing increases spending on health, unemployment, and retirement benefits. "The lack of a social security net is the missing link in China's macro equation," he says.

 

Currency Concerns

Beefed-up consumer spending in China could also slow its accumulation of reserves, which now top $2 trillion. As the largest single holder of U.S. Treasuries, with a $700 billion hoard, China stands to lose billions if the U.S. dollar continues to weaken against the Chinese yuan. In March, Chinese Premier Wen Jiabao expressed concern over the U.S. ability to guarantee the safety of China's holding of treasuries.

 

Despite the slowdown in exports this year, China continues to accumulate hundreds of billions through its trade surplus. "If China buys more now, it will have less of a headache in investing its reserves," says David Dollar, the U.S. Treasury Dept.'s economic and financial emissary to China who advocated China diversifying its holdings into gold and other financial assets.

 

Still, the greatest challenge is how to change Chinese savings habits. "This involves changes in tradition and culture. The Chinese will still be thrifty and not like Americans who buy 20 T-shirts a year," Zhao Qizheng, a member of China's powerful Communist Party Central Committee, told the audience. "It will take at least 10 years to increase consumption."

 

Source: Businessweek.com

 

 

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For information about Latin American countries, please check: www.chinalat.com/uploads/file/CAF Conference Statistical Appendix 2009 Final Version 2.pdf

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GENEVA — The United States has defeated China in a wide-ranging ruling at the World Trade
Organization that could provide massive market opportunities for American makers of everything
from CDs and DVDs to music downloads and books.

The verdict Wednesday finds definitively against China for forcing American media producers to
route their business in China through Chinese state-owned companies. It could also set a larger
precedent for others such as U.S. automakers claiming to be hampered by cumbersome
distribution rules in the communist country.

The WTO victory comes as President Barack Obama is being pressed to be tough on trade rules
with China, which many Democrats in the U.S. Congress blame for America's soaring trade
deficits and lost manufacturing jobs.

The Associated Press reported the main findings of the then-confidential ruling last month, but
the public release of the 464-page document on Wednesday revealed dozens of smaller
decisions that support the complaints of trade associations representing record labels such as
EMI and Sony BMG; publishers including McGraw Hill and Simon & Schuster; and, to a lesser
extent, the major Hollywood studios of Warner Bros., Disney, Paramount, Universal and 20th
Century Fox.

It also offers hopes of greater business for Apple Inc.'s iTunes store, finding that China was
breaking trade rules by preventing companies offering music downloads to computers and mobile
phones from offering their services directly to Chinese customers.

The ruling stopped short of a complete U.S. victory as the three-member panel delivered mixed
findings on Chinese censorship rules that apply to American-made goods, but not to Chinese
products. It also permitted China to make U.S. films go through one of two designated distributors
to be shown in Chinese cinemas, a requirement not required of Chinese movies.

The Chinese Commerce Ministry could not immediately be reached, but U.S. Trade
Representative Ron Kirk called the ruling a "significant victory to America's creative industries."
"These findings are an important step toward ensuring market access for legitimate U.S. products
in the Chinese market, as well as ensuring market access for U.S. exporters and distributors of
those products," Kirk said in a statement. "We will work tirelessly so that American companies
and workers can fully realize the market opening benefits that this decision signals."
The panel found that "China has acted inconsistently with provisions" of the agreement it made
with all WTO members when it joined the global trade body in 2001, as well as the General
Agreement on Trade in Services and General Agreement on Tariffs and Trade that governs trade
between all WTO members.

It instructed Beijing to "bring the relevant measures into conformity with its obligations under
those agreements."

Despite the looming WTO decision, there has been no indications in China of an internal debate
on the issue of relaxing restrictions on imports. This is an extremely sensitive issued for the ruling
Communist Party, which seeks to keep out content deemed politically or socially objectionable,
as well as to protect Chinese filmmakers and other content producers from foreign competition.
However, China has committed itself to the WTO process, so there's little chance that a verdict
can be completely ignored. One possible outcome is that the government will come up with a
compromise, perhaps setting up new regulations and procedures for vetting and approving
cultural imports that would allow a marginally wider opening of the market.

That may not be enough for American record labels, film studios and publishers, who could ask
the Office of the U.S. Trade Representative to pressure China into full compliance by threatening
retaliatory trade sanctions. The WTO can authorize higher tariffs and other measures against
countries failing to adhere to the rules, but generally only after years of litigation.

China can appeal the ruling, but officials at the country's WTO mission in Geneva declined to
comment.

 

 

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Auguest 7, 2009

If Shanghai city officials have any say in the matter, that whole talk of Shanghai and Hong Kong becoming the new financial centers of the world might actually come true. Shanghai officials petitioned to the State Administration of Foreign Exchange (SAFE) in hopes of loosening restrictions for foreign private equity firms to be incorporated and operate in China. The city, which is currently preparing for the 2010 World Expo is making a significant push to become more international.

Over the past six months, a number of officials and journalists have suggested that with the collapse of Wall Street, and China's relatively quick rebound, finance might soon have a new home in the Eastern hemisphere. China's current policies towards foreign finance firms, however, have made it difficult for a true global presence to take root. According to a published report, a number of private equity firms have approached the Shanghai city government about Renminbi denominated funds, only to be told that the existing laws as dictated by SAFE make it difficult for a foreign firm to successful start one. Shanghai's officials are petitioning the central government to allow concessions to be made on the city's behalf.

If Shanghai had its way, the central government would allow foreign private equity companies to establish RMB denominated funds as long as they followed certain requirements. Firms interested in establishing a fund would need to be incorporated in Shanghai's Pudong Special Economic Zone and 80% of any capital raised for a fund would need to be done in country. If these conditions are met, Shanghai officials hope that the central government would permit qualified P/E groups to incorporate as "local entities," despite their foreign interests and parties.

The central government's own announcement this spring that it intended to help turn Shanghai into a global financial center suggests that the city government may, in fact get its wish. China's financial system is still relatively underdeveloped compared to its Western counterparts, but the country is benefiting now, as government checks and balances over the markets played a role in protecting the country from the global downturn. The country is still fine tuning its IPO process and is also relatively inexperienced in the alternative investments arena. The China Investment Corporation (CIC) is one of the youngest, though biggest, sovereign investment funds in the world, hedge funds are largely restricted in the country, and the first domestic Chinese incorporated PE firm was not established until 2006. With more and more foreign firms interested in coming to Mainland China, and both the central and Shanghai governments indicating interest in establishing the city as a global financial powerhouse, major changes in a relatively short time to China’s regulatory process can be expected.

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One remarkable trait of the current economic crisis is the perplexity of the social sciences, which are supposed to shed light on its causes, effects, and solutions. In fact, the whole episode has been, notably for economists, a long binge of humble pie. We simply know little about the way the crisis is likely to unfold. This is particularly true about the political implications of the downturn at the global, regional and national levels. So far, the political repercussions of the crisis have received scant attention when compared to its economic consequences.

In Latin America, where the slightly twisted pride of not being the culprit of the collapse led to a prolonged denial of its magnitude, the political implications have hardly been discussed at all. This is surprising, given the fact that the downturn happens to coincide with a region-wide election cycle in 2009-2010. Not just that. A region with historically fragile democratic practices ought to care about the potentially deadly consequences of sharp economic downturns for democratic regimes, consequences that are well established empirically. Inter-war Europe comes to mind. Hence, engaging in some reflection about the political aspects of the current conjuncture in Latin America seems appropriate. Four issues merit attention to begin the discussion.

To read the full text, click here Download file.

By Kevin Casas-Zamora

Senior Fellow
The Brookings Institution
Washington, D.C.
June 25, 2009
__________________

 

 

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        尽管出现全球性的经济危机，很多投资机遇依然出现在一些新兴经济体中。智利以其稳定的宏观经济和对外资采取的开放态度闻名，对于全球投资者来说，智利将是一处富含商机的宝地。

        智利的这种商业氛围来源于由智利政府推动的一项商业战略。此战略将建立优秀的宏观经济基础和强大的商业机构，提倡竞争和促进国际商业一体化作为其中心要务。而智利开放的经济又使这些比较优势得到进一步的改善。这意味着智利不仅拥有更强大的竞争力，而且低关税，外贸水平不断提高，并且能够快速地与世界市场融合。此外，智利现代化的通信系统，在国际范围内富含竞争力的银行部门，优秀的基础设施以及高品质、专业的服务也在吸引外资上扮演了关键角色。

        在20世纪70年代末及80年代，智利在拉丁美洲第一个开始了结构改革，建立了后来为许多国家，包括美国，所效仿的私人养老金制度。20世纪末，正在进行中的私有化，公共工程优惠计划――“公私合作计划”，进口关税的降低，以及对国家资本和金融市场放松管制的做法都将这一改革进程再往前推进了一步。此外，在2004年，“公平竞争法庭”代替了原来的“反信托委员会”，以促进自由竞争。2005年，新法施行加强了对工业产权，包括TRIPS标准的保护，

        智利的法律法规增强了自由和经济自由。事实上在2006年，由美国遗产基金会公布的智利“经济自由指数”（在161个经济体中处于第14位）和由加拿大弗雷泽研究所公布的“经济自由等级”（在130个经济体中处于第20位）均世界排名领先。

        这些进步和智利强大的社会凝聚力吸引了“国际货币基金组织（IMF）”的注意。据IMF第五号咨询条款调查显示，“智利新政府致力于保证国家经济正常持续发展，同时尽力为民众提供一个广泛的社会保障体系。为完成这些目标，一系列政策倡议被智利政府提上议程。”

        其它排行，比如由“经济学人信息部（EIU）”公布的“商业环境排行”还显示，智利在接下来的五年里将是全球第22位最吸引外资的国家。即是说，智利的排行在西班牙和以色列之间。

        国际公司在享受智利政府提供的战略和安全平台的同时，通过开发新项目或通过兼并及收购不断地、稳定地渗入到经济的各个部门。今天，全球有64个国家的超过4000家公司在智利进行投资。并且，得益于智利不断增长的自由贸易体系，这些公司不仅聚焦于国内市场，而且享有与全球10亿多消费者做生意的特权。

费德里克. 塔博亚 (Federico Tabja)

 

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15 November 2007
Latin America News Digest


Venezuela will export 500,000 barrels per day (bpd) of crude oil to China in 2010 and 1.0 million bpd in 2012, according to agreements recently signed by the two countries, Venezuelan oil and gas monopoly PDVSA said on November 14, 2007.

Venezuela and China will create a joint transport company to manage the crude supplies. The company would allow them to avoid third party operators and to reduce transport costs.

Currently, there are another two operating Venezuelan-Chinese joint-ventures, namely Petrosinovensa and Petrozumano. Their daily output is projected to stand at 180,000 bpd and 70,000 bpd in 2009. Petrozumano is a joint-venture between PDVSA and Chinese CNPC.

CNPC also takes part in the processes of estimation and certification of the oil reserves in the oil block Junin 8, in Venezuela's Orinoco Belt basin. The block's reserves are estimated at 40 billion barrels and its daily output is expected to reach 200,000 bpd in 2010.

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DRRT Managing Partner, Michael Diaz Jr. enjoying a word with Wan Jifei, President of the Chinese Counsel for the Promotion of International Commerce (CCPIT) following Mr. Diaz keynote luncheon address to the delegates at the First Annual Chinese - Latin American Business Summit.  Mr. Diaz spoke to the delegates about the firm's experiences in Latin America representing multinational firms, including Chinese companies,  and how new business relationships can be forged in a manner which minizes the risk of litigation.

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DRRT is proud to be participating in this historic conference.   We will provide updates as the summit progresses.

 

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