CARACAS, Monday September 23, 2013 | Update

Venezuela-China sign agreements for more than USD 20 billion

Venezuela was granted a new line of credit for the amount of USD 5 billion and is to receive investments for USD 14 billion to boost production at the Orinoco Oil Belt

Venezuelan President Nicolás Maduro is welcomed by his Chinese counterpart Xi Jinping (Miraflores Press Office)
Monday September 23, 2013  12:28 PM
Within the framework of Venezuelan President Nicolás Maduro's first visit to China, on Sunday, China pledged to invest some USD 20 billion in social and oil projects in Venezuela.

Maduro and his Chinese counterpart Xi Jinping expressed their interest in consolidating China-Venezuela strategic alliance and signed a dozen cooperation and investment agreements, including a new line of credit amounting to USD 5 billion and an agreement to produce additional 200,000 oil barrels per day in the Orinoco Oil Belt.

Venezuela also agreed on the setting up of a joint venture with Chinese state-owned company Sinopec for the exploitation of Junín 10 bloc in the belt. USD 14 billion is expected to be invested in the project aimed at producing 200,000 barrels per day, said Maduro via Twitter.

"We have signed a financing agreement with Eximbank amounting to USD 391 million for the construction of the maritime terminal at (Venezuelan state-owned petrochemical company) Pequiven in Morón (northwest Venezuela) for urea and ammoniac export," the Venezuelan president posted on his Twitter account.

Likewise, Maduro signed a financing agreement for USD 700 million with China Development Bank for the development of the mining sector.

Previously, the Venezuelan leader had announced via Twitter an agreement entered into with Chinese agro-company Beidahuan for the sowing of 60,000 hectares of corn, rice, and soja in different parts of Venezuela.

Venezuela also signed an agreement on transport with Yutong, aimed at modernizing Venezuela's public transport system.

Translated by Jhean Cabrera
The end of a cycle

Hundreds of thousands of demonstrators took to the streets of Brazil on March 13 to demand the ouster of embattled President Dilma Rousseff, carrying banners expressing anger at bribery scandals and economic woes. A banner read "We don't want a new Venezuela in Brazil."