Pacts provide Venezuela financing aid
Source: Agencies |
April 19, 2010, Monday
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Print Edition
CHINA and Venezuela signed a series of agreements on Saturday to help the South American oil exporter develop its oil and electricity industries.
Under the pacts, the two countries will set up an oil exploiting and processing joint venture to develop a block in Venezuela's Orinoco reserves belt. The Junin 4 block is expected to need US$16 billion investment over three years and eventually produce more than 400,000 barrels per day.
China will provide technology transfer to Venezuela and help it build its own thermoelectric power plant to ease the oil-exporting country's recent energy crisis.
China will also provide soft loans worth US$20 billion to Venezuela's energy sector via the China Development Bank.
"China is going to give financing to Venezuela ... over the long term and in large volume of some US$20 billion," Venezuelan President Hugo Chavez said at a signing ceremony in Caracas. Venezuela has become China's fifth-biggest trading partner in Latin America.
Under the pacts, the two countries will set up an oil exploiting and processing joint venture to develop a block in Venezuela's Orinoco reserves belt. The Junin 4 block is expected to need US$16 billion investment over three years and eventually produce more than 400,000 barrels per day.
China will provide technology transfer to Venezuela and help it build its own thermoelectric power plant to ease the oil-exporting country's recent energy crisis.
China will also provide soft loans worth US$20 billion to Venezuela's energy sector via the China Development Bank.
"China is going to give financing to Venezuela ... over the long term and in large volume of some US$20 billion," Venezuelan President Hugo Chavez said at a signing ceremony in Caracas. Venezuela has become China's fifth-biggest trading partner in Latin America.
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