Chinese state oil company Sinopec and Venezuela's PDVSA agreed to invest $14 billion to develop the Junin 1 oil field, part of the vast Orinoco Belt in eastern Venezuela, PDVSA's president said.

"In a meeting with Sinopec, we agreed to develop the Junin 1 field in the Orinoco Oil Belt," Rafael Ramirez, who also is the energy minister of the oil-rich Andean nation, said on Twitter.

"Development of the Junin 1 field requires an investment outlay of $14 billion for production of 200,000 barrels per day of oil," he added.

Junin 1 is one of the production blocks that make up the massive Orinoco Belt, which, according to official estimates, holds nearly 300 billion barrels of oil.

Ramirez is currently in China for preparatory meetings ahead of President Nicolas Maduro's three-day visit to the Asian nation starting Saturday, his first official trip there since succeeding the late Hugo Chavez, his political mentor, in April.

Venezuela ships more than 600,000 barrels of oil per day to China, or approximately a fourth of its total crude exports. EFE