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

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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