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China signs 12 deals with Venezuela

Staff writer |
Venezuelan President Nicolas Maduro was recording every achievement of his first trip to China on his Sina Weibo account.

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The achievements, ranging from multibillion-dollar oil deals to agricultural deals, were signed by companies and government agencies from the two countries.

President Xi Jinping told Mr. Maduro that his visit to China "will certainly promote China-Venezuela relations to new heights". Mr. Maduro is no stranger to Beijing. He played a big role in facilitating the expansion of ties with China, serving as Venezuela's foreign minister from 2006 until the beginning of this year.

The main goal of the trip is to consolidate and expand the strategic partnership between Venezuela and China that former president Hugo Chavez began with Chinese leaders, Mr. Maduro told Mr. Xi. He said that China's development has benefited Venezuela.

The meeting witnessed the signing of 12 cooperation agreements on energy, education, agriculture and construction, reports China Daily. Among them, Venezuelan oil giant Petroleo de Venezuela SA reached a $1.4 billion deal with China Petrochemical Corp to develop Venezuela's Junin 1 heavy oil bloc, which will produce 200,000 barrels a day.

The country has also secured an agreement with China Development Bank on a $5 billion line of credit for social development. The Export-Import Bank of China will lend Venezuela's state petrochemicals company Pequiven $390 million for the construction of a port.

Venezuela has also secured funding from Chinese banks for a mining survey around the country and has agreed with China's CITIC Group to move forward with gold mining projects in Venezuela's Las Cristinas deposits.

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