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PDVSA and CPTDC sign deal for gas pipeline project in China

Petroleos de Venezuela (PDVSA) signed an agreement with China Petroleum Technology and Development (CPTDC), an oil services subsidiary of CNPC, to identify financing opportunities and participation.

The signing ceremony was led by President of PDVSA, Nelson Martínez; Chief Representative of CPTDC, Zhang Bin Hong; and President of Ace Heavy Industries, LTD, Richard Abouchedid.

Martinez informed that the signing includes an initial agreement for the construction of a gas pipeline to the "Josefa Joaquina Sánchez Bastidas" Plant in Tacoa, Vargas state. "This gas pipeline will allow the use of gaseous fuel and savings of 10,000 barrels per day”.

He also said this agreement "represents a search for new opportunities for collaboration, participation and financing, consistent with the financial strength of these companies and the interest they have shown, reflected in so many joint activities that they carry out with our country”. 

"We have great expectations. Both companies are willing to collaborate with us. We have talked about various projects with them, particularly related to gas”, said Martinez.