Oil and gas giant the China Petroleum Company (CNPC) is in talks with the Colombian government to increase oil exploration and production in the country, including cooperation on the proposed Venezuela–Colombia pipeline.
CNPC’s vice president Wang Dongjin met with Colombia’s Minister of Mines and Energy Mauricio Cardenas during a business forum in Shangai this week, part of President Santos’ state visit to China, the ministry said in a statement Friday.
The company expressed interest in investing in “new mechanisms for international trade and financing Colombian oil projects” including the $8 billion Venezuela–Colombia pipeline, the statement read.
The 2,000 mile pipeline will bring Venezuelan oil to the Colombian pacific coast – making transport to Asia easier and cheaper.
Wang and Cardenas “exchanged views and explored new ways to enhance mutual cooperation in areas of common interest,” according to the ministry.
They also discussed the heavy crude oil pipeline between Ecuador and Colombia as well as other production and exploration opportunities in Colombia.
State-owned CNPC has operations in 30 countries and is listed by Fortune Magazine as the world’s sixth largest corporation.