More details came to light April 21 about China's recent energy deals with Venezuela. Venezuelan Oil Minister Rafael Ramirez said that China National Petroleum Corporation (CNPC) would offer Venezuela $900 million to take part in heavy crude oil production in the Junin-4 oil block in the Orinoco River area. The development would begin in November 2010, and would produce an estimated 50,000 barrels per day by 2012, and 600,000 barrels per day by 2016. Meanwhile, Ramirez also repeated that China Development Bank had signed a framework agreement loaning Venezuela $20 billion, half in Chinese currency, which would be repayable with oil. These statements ostensibly provide more details about China's dealings with Venezuela, but they are still coming from the Venezuelan side, as with Venezuelan President Hugo Chavez's statements made on April 18, and therefore need confirmation. CNPC confirmed April 20 that it signed several credit-for-oil deals with the Venezuelans — one being a long-term financing deal, and another being a supply contract for crude oil to repay a ten-year loan — as well as an agreement to do a joint venture in the Junin block. Venezuela is in dire need of cash and the Chinese have it, but there have been many occasions in the past in which much-vaunted deals failed to materialize. Nevertheless the Chinese confirmation, though it does not provide full details, suggests more substance than the latest agreements. This could be a boon for Chavez in particular. While the development would bring more limited gains to the Chinese, who seek foreign investment opportunities as well as opportunities to employ their construction companies abroad, the deal could also diversify Chinese oil supplies.