OREANDA-NEWS. October 4, 2012. State-run oil company Petroleos de Venezuela, S.A. (PDVSA) and China International Trust and Investment Corporation (CITIC) signed three new agreements in the mining, energy and non-oil infrastructure sectors on Friday 21, as part of the bilateral cooperation reached by the two countries to boost the development of the Bolivarian country.

After the signature of the agreements, representatives of the Asian country were received by Hugo Chavez, the President of the Bolivarian Republic of Venezuela, at the Miraflores Palace, the official seat of the Executive Branch of government in Venezuela.

“We have reached an agreement to prepare a Venezuelan mining map and to develop gold and copper ore in Las Cristinas Project, one of the largest deposits of gold in the world,” President Chavez said.

The signing of the agreements was witnessed by Rafael Ramirez, the People’s Minister of Petroleum and Mining and President of state-run oil company Petroleos de Venezuela (PDVSA); Ricardo Molina, the People’s Minister for Housing and Habitat; Hong Bo, the President of Chinese CITIC Group, and other members of the Chinese delegation.

One of the new alliances will be related to the elaboration of a mining map of Venezuela, a joint project between CITIC Group and the People’s Ministry of Petroleum and Mining.

The creation of a mining database will be executed after 5 years of research in areas such as exploration, certification and quantification of mineral resources in Venezuela, an activity which will create over 400 professional jobs to carry out the project.

“This information will allow us to plan the development of our mineral wealth and take a greater control of these resources, which will be processed and exported by our country,” said the minister of Petroleum and Mining.

PDVSA and CITIC also agreed to develop “Las Cristinas” mining project, located in the southern state of Bolivar. “It is probably one of the world’s largest gold deposits. The mine also has other minerals such as copper,” said Ramirez, who is also PDVSA’s president.

The third agreement between the two Socialist companies involves the design and construction of non-oil infrastructure and an industrial complex to strengthen basic industries, which will be set up in the Junin Block of the Orinoco Oil Belt Orinoco (FPO). This megaproject includes the construction of more than 1,000 houses in areas near the FPO.

Consolidation of social productivity in the country

Venezuela’s Executive Vice President Elias Jaua stated that the new agreements that the Bolivarian government has agreed with the People’s Republic of China to further develop socio-productive projects will benefit the country in the next five years.

"This group of projects and agreements is the direct result of Venezuela’s independence and sovereignty. Our country can establish economic and political relations with international sectors and allied countries, such as the People’s Republic of China," Jaua stated.

Vice President Jaua also said that these projects will not only boost the construction of houses for the Venezuelan people, but will increase the revenue capacity of the nation.