In a recent meeting held between state officials of Venezuela and Japan, the two nations will reportedly join forces to exploit the Latin American country's Orinoco Oil Belt besides considering collaborating in other areas. Accordingly, Venezuela's state-owned oil major, PDVSA, with partner with JOGMEC (Japan's national oil, gas, and metals corporation) and several other firms including Mitsubishi, Marubeni, and Itochu to extract and refine oil from Orinoco Oil Belt which is said to have second largest crude reserves in the world. These firms will aid the overhauling of the refineries in the OPEC member nation.
Also, the nation's govt-owned petrochem company PEQUIVEN will consider bolstering production of plastics and fertilizers along with companies including Marubeni and Mitsubishi. The partnership aims to broaden the sources of crude for Japan while expanding the oil exploration market for the oil-rich Venezuela. Initially starting with 100,000 bpd, Latin American nation expressed its intention to supply around a million bpd of crude to Japan.