China, Venezuela and France's Total are in advanced negotiations on a complex threeway, multibillion-dollar oil production and refining venture, sources close to the negotiations have revealed. Senior officials from state-owned Petroleos de Venezuela (PDV), China National Petroleum Corp. (CNPC) and Total are to meet in Caracas in May to discuss a 20- year pact to send 200,000 b/d of Venezuelan oil to China, possibly starting in 2013, with volumes rising after that.
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