" />
Published On: Wed, Feb 15th, 2017

Venezuela and China Sign New $2.7 Billion Development Deal

Lucas Koerner (VA) : Venezuela and China ratified 22 new agreements totaling US $2.7 billion Monday in a bid to strengthen cooperation between the two nations.

Venezuelan President Nicolas Maduro with Chinese National Reform Commission Vice-President Ning Jizhe. (@PartidoPSUV)

Venezuelan President Nicolas Maduro with Chinese National Reform Commission Vice-President Ning Jizhe. (@PartidoPSUV)

Concluded during the 15th meeting of the China-Venezuelan High-Level Mixed Commission in Caracas, the deals will guarantee funding for dozens of new joint projects aimed at promoting economic development in both countries.

Among the more high profile initiatives is the construction of the Jienyang refinery in China, which will have the capacity to process 400,000 barrels of oil per day, of which 70 percent will come from Venezuela. Venezuelan state oil company PDVSA will retain a 40 percent stake in the project, while its Chinese counterpart CNPC will have 60 percent participation.

The accords also reportedly include provisions for direct investment in Venezuela in the areas of heavy machinery production, infrastructure projects, cargo transport, as well as imports of vehicles, computers, among other vital consumer goods.

Venezuelan President Nicolas Maduro applauded the agreements as a further consolidation of the two countries’ geopolitical alliance.

“China and Venezuela see each other as sister nations with a common destiny of peace, of cooperation, and mutual development,” he declared.

 Over the last decade, China has become a critical partner of the Bolivarian government, investing billions in joint projects throughout the South American country.

In November, the two nations signed a US $2.2 billion deal to increase oil output by 227,000 barrels per day.

Lucas Koerner, Venezuelanalysis

About the Author

- nsnbc international is a daily, international online newspaper, established in 2013. nsnbc international is independent from corporate, state or foundation funding and non-partisan. nsnbc occasionally republishes selected articles from other media. Republication of articles does not imply that we agree with media's editorial policy. nsnbc international is free to read and free to subscribe to. We appreciate and depend on modest donations from our regular readers; such as the equivalent of the price of one print newspaper per month.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>