The tenth meeting of China - Venezuela High-level Mixed Committee was held from the 22th to 24th of November, 2011 in the Venezuelan capital of Caracas. Venezuelan President Hugo Chavez, National Development and Reform Commission Zhang Xiaoqiang, and CNPC Vice-President Yu Baocai attended the meeting. During the meeting, HQC President Mr. Wang Shihong and PDVSA I&C Mr. Jose Ramon signed a joint venture agreement (ICHQ) and MPE3 Phase-I Project EPC Contract.

Venezuela MPE3 Project was HQC’s first project in Venezuela, the first project in heavy oil industry, and the largest oil & gas field ground project. This contract marked that HQC has successfully entered into the Venezuela market.