OREANDA-NEWS. August 15, 2013. Venezuela-China Cooperation Agreement on Hydrocarbons, Petrochemicals, and Mining, which became effective on July 30, 2013 upon its publication in the Official Gazette, the Asian giant will be allowed to cooperate in land planning in Venezuela within the framework of the projects on hydrocarbons, petrochemicals, and mining.

The agreement provides for joint participation in oil prospecting and production, and joint projects in the Orinoco Oil Belt, "covering all elements of the oil and gas value chain."

The agreement includes "widening the scope of oil and gas trade, and ensuring full compliance with ongoing long-term contracts," cooperation in liquefied petroleum gas, and comprehensive cooperation in mining and petrochemicals.

The agreement will be valid for 10 years and enforced by the Venezuelan Ministry of Petroleum and Mining.