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CNPC and PDVSA to invest $14B to develop Junin 10 in Orinoco extra-heavy oil belt

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China National Petroleum Corporation (CNPC) and Venezuela’s PDVSA (Petróleos de Venezuela SA) will invest about $14 billion to develop the Junin 10 block in the Orinoco extra heavy oil belt in Venezuela, according to a tweet sent out by Rafael Ramirez, the Venezuelan petroleum minister. degrees API. degrees API.

Venezuela 199
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PDVSA and PetroChina move ahead with 400,000 barrel per day oil refinery in China; processing Orinoco heavy and extra-heavy crude

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Petróleos de Venezuela SA (PDVSA) and PetroChina recently signed the Project for Development and Establishment of a joint venture to realize the future development of the Nanhai refinery. Oil and Gas Journal (OGJ) pegged Venezuela’s 2011 reserves at 211 billion barrels, up from 99.4 billion barrels the year before.

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Glencore to pay >$1.1B to resolve government’s investigation into bribery and commodity and price manipulation

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Between approximately 2007 and 2018, Glencore and its subsidiaries caused approximately $79.6 Glencore also admitted to bribery of officials in Brazil and Venezuela. In Venezuela, Glencore admitted to conspiring to secure improper business advantages by paying over $1.2