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From the Energy Tribune: "The latest deal, known as the Junin 4 oil cooperation project, is in the Orinoco heavy oil belt, with an area covering 325 square kilometers and with reported recoverable reserves of 8.7 billion barrels. According to the agreement, Venezuela holds a 60% share of the deal and PetroChina will have the rest. "It is interesting to note that half of the $20 billion loan will be paid in US dollars and the other half in Chinese yuan, a move that signals China’s efforts to internationalize its currency. The fund will be used to construct highways and power systems in Venezuela (most likely with Chinese contractors.)" Full:http://www.energytribune.com/articles.cfm/Chinas-Growing-Footprint-in-Venezuela Can anyone comment on the significance of this? David ________________________________________________ Send list submissions to: [email protected] Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
