By Eduardo Rojas / ( | First Posted: Apr 30, 2012 12:23 PM EDT

Employees work on drilling rigs at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. (Photo : Reuters/Carlos Garcia Rawlins)

Venezuela and China closed a deal for the construction of a gigantic oil complex in the Orinoco Oil Belt. The cost is approximately 4.5 billion U.S. dollars.

Venezuela's PDVSA and China's Sinohydro today signed the agreement to build the oil structure in the Carabobo area of the Orinoco Oil Belt (FPO), according to AVN.

The Venezuelan Minister of Petroleum and Mining and president of PDVSA, Rafael Ramirez was responsible for signing the agreement with his Sinohydro counterpart, Fan Xiang Ji.

Ramirez also informed that progress was being made in the negotiation for the construction of another industrial condominium in the FPO, the cost of the additional facility would require 8 billion U.S. dollars.

The minister, who finished a tour of Asia today, revealed that revisions of other projects involving "Venezuelan housing, electricity and infrastructure" were carried out with another Chinese company called Citic. 

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