China Offers Largest Credit to Venezuela
Posted: Monday, April 19, 2010
Yesterday government representatives from Venezuela and China signed seven agreements in Caracas, six energy based ones and one around petroleum. China also offered US$20 billion in financing, the largest offer it has made in the last fifty years.
Chinese president Hu Jintao's planned visit to Venezuela was cancelled due to the recent tragic earthquake in China, but Jintao and Venezuelan President Hugo Chavez talked by telephone and Chavez also met for two hours with a delegation from China.
The two governments agreed to exploit the Junin 4 section of the Orinoco Oil Belt together and as part of this they established a joint company between state owned Petroleos de Venezuela (PDVSA) and state owned China National Petroleum Corporation (CNPC), to carry out the initiative. They also established some economic and tax conditions.
Full Article : venezuelanalysis.com