Analysis: Venezuela, China boost oil ties

MIAMI, Sept. 12 (UPI) — Venezuelan and Chinese state petroleum companies said they will spend more than $10 billion to develop the oil-rich Faja del Orinoco region, part of a continuing effort by Caracas to bolster ties between the two countries.

Energy and Oil Minister Rafael Ramirez said the project will produce up to 1 million barrels per day at full capacity.
Speaking at an OPEC meeting in Vienna, Ramirez said the project would be financed by Venezuela