The Chinese Petrochemical Corporation (Sinopec) -China’s second largest oil firm- is holding talks with Venezuela to start operations in Orinoco Oil Belt, official newspaper “Shanghai Daily” reported on Friday.

Further, Sinopec is taking control of a 32 percent stake in exploration project Posa, in Golfo de Paria Este, under a new joint venture where Venezuelan state oil conglomerate owns a 60 percent stake and Venezuelan construction firm Inelectra owns an eight percent of shares.

However, Sinopec also expects participating in drilling projects in Orinoco belt.

China has strengthen ties with Venezuela recently to ensure the energy supplies it needs for economic development -the fastest in the world.

Sinopec is one of the seven foreign firms that last June 26 initialed agreements with Pdvsa to participate in oil projects in Venezuela. Other oil majors such as US ConocoPhillips and Exxon are leaving Venezuela, following their refusal of the terms proposed by Venezuela. Foreign firms Chevron, Statoil, Total and BP agreed to stay in Venezuela under Pdvsa conditions.