The People’s Republic of China and Venezuela will invest $ 4,250 million in infrastructure and other developments in the oil field , including two projects for the extraction of heavy crude oil in the Orinoco Oil Belt . Planning Minister Ricardo Menendez said a refinery in the Chinese province of Canton will be built to transform 400,000 barrels of oil per day. Source Globovision
The German finance minister has kicked off days of debate over the 2021 budget, arguing for more debt to support the economy during the coronavirus pandemic. “It’s a really, really” large sum, admitted Scholz. Source Deutsche Welle
The world’s largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions. Source Reuters
Italy expects debt to rise to about 160% of gross domestic product by the end of this year despite a smaller-than-forecast contraction of the economy, officials familiar with ongoing budget talks said. The new figures, which are provisional and still subject to change, see the economy expanding 6% in 2021, the officials said, asking not to be named discussing confidential deliberations. Source Bloomberg Quint
