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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: SiouxPal who wrote (34250)	8/23/2005 7:35:24 PM
From: Wharf Rat	Respond to of 362297

You just scooped the Nest... Venezuela Expects Oil Exports to China to Soar (Update1) Aug. 22 (Bloomberg) -- Petroleos de Venezuela SA, South America's largest oil company, expects its exports to China to rise fivefold by 2012 as it seeks to lessen its dependence on the U.S. market. Sales of crude oil and petroleum products to China may top 300,000 barrels within years, the state oil company said in a press statement. In an interview, Petroleos de Venezuela board member Asdrubal Chavez said the company expects to reach the 300,000-barrel a day mark by 2012. ``China has many opportunities for us,'' said Chavez, who is a cousin of President Hugo Chavez. Board member Chavez is accompanying Energy and Oil Minister Rafael Ramirez on a tour of China and Japan, which started on Saturday. President Chavez has repeatedly said that he wants the South American country, the world's fifth-largest oil exporter, to diversify its customers and reduce its dependence on the U.S. market. The U.S. currently takes about 60 percent of Venezuela's daily exports of about 2 million barrels a day. The South American country's oil and product exports to China average only 12,300 barrels a day in 2004. The majority of Venezuela's exports to China as of now consist of Orimulsion, a boiler fuel alternative, Chavez said. The fuel is comprised of bitumen and water, and is burned by power plants to generate electricity. Tanker Transport The distance between China and Venezuela remains an obstacle for exports, Chavez said. Tankers need about 43 to 44 days to reach China from Venezuela if they go via Africa, he said. From Panama, the trip would be 24 to 25 days, he said. Venezuela is already exploring constructing pipelines across Colombia or Panama to shorten shipping times. Most large tankers can't use the Panama Canal due to size restrictions. Petroleos de Venezuela today opened a sales office in China, its first in Asia. The office will be used to evaluate opportunities in exploration and production as well as refining, Ramirez, who doubles as Petroleos de Venezuela's president, said in a statement. ``This office will also strengthen ties between the two countries,'' he said. Fleet Expansion Petroleos de Venezuela also plans to spend up to $2.2 billion on tankers through 2012 to double its fleet and enable it to send more oil to Asia, Chavez said. The company wants to buy 42 tankers, including at least 14 supertankers, Chavez said. Petroleos de Venezuela currently has 21 tankers, enabling it to carry 26 percent of the country's oil exports. ``With the new tankers, we'll be able to carry 45 percent of exports in 2012,'' Chavez said. Venezuela plans to spend $56 billion through 2012 to about double the country's oil production capacity to 5.1 million barrels a day. The country is now producing about 2.6 million barrels a day. bloomberg.com

To: SiouxPal who wrote (34250)	8/23/2005 9:33:38 PM
From: Bill on the Hill	Read Replies (1) \| Respond to of 362297

Excellent analysis of that idiots statement about Chavez. These f...ers are dirty no good rotten stinking low down excuses for men. the whole lot of em...... I said a few days ago that they would do anything, anything.... Old Pat chiming in is just a small example. It is the best thing that could happen. Lets hope that Fallwell supports Pat with a statement defending him. What an amazing asshole. Christians my ass. sombitch.