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Colombia, China Strike Oil Deals
Keywords:
Tags: Current Focus, Oil & Gas, China,
China's state owned China Development Bank signed an agreement to finance a new pipeline that will carry 600,000 barrels a day of Venezuelan and Colombian oil through jungle and the Andean mountains to the Pacific coast. Colombia plans to shift its focus to export much of its 1 million barrels a day of oil production to China. Talks also were held with China on developing central Colombian coking coal reserves and building a railway to the Pacific coast. Colombian plans are based on slowing demand for Colombian oil in the U.S., with increased supplies of natural gas and shale gas in the U.S.
China Development Bank
05/10/2012
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Under the deal a new pipeline will be built by China through jungle and the Andean mountains to get 600,000 barrels of Venezuelan and Colombian oil a day to the Pacific coast. With lower exports expected to the U.S., Colombia plans to shift much of its over 1 million barrels a day of oil production to China.
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