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Page added on April 25, 2010

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China lines up 100,000 bbl/day using hard-earned U.S. Dollars


Venezuela will ship 100,000 bbl/day of crude oil to China for 10 years to pay off a $20 billion loan. The per barrel price was not specified but their average basket price is around $75/bbl. President Hugo Chavez announced the oil-for-credit agreement on Saturday night. Venezuela has been working for some time to foster relations with China. The loan will be used for highways, infrastructure as well as investments in the oil industry. Venezuela currently ships 460,000 bbl/day to China

Michael Lynch

One Comment on "China lines up 100,000 bbl/day using hard-earned U.S. Dollars"

  1. Colavinc on Sun, 25th Apr 2010 4:18 am 

    At today’s price of $85/barrel, he will provide China $62B in oil payments over 20 years. Looking ahead a few years, when oil is over $100/bbl, will Chavez live up to his deal or will he try to extricate himself, just like he did with Exxon.

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