Oil: China lends Venezuela billions to petroleum industry

The Chinese development Bank is providing five billion dollars to the Venezuelan oil company PDVSA. China is now the country's most important donor.

Oil: China lends Venezuela billions to petroleum industry

China is helping Venezuela's angeschlagenerÖlindustrie with a billion-dollar loan: The ChinesischeEntwicklungsbank have assured state oil company PDVSA a loan of five billion US dollars, Venezuelan WirtschaftsministerSimón Zerpa With. The money is intended to increase oil production in so-called Orinoco Belt.

Oil production in Demlateinamerikanischen land was last dropped from 3.5 billion barrels a day to about 1.5 million barrels. This was mainly due to corruption, Misswirtschaftund to late investment in new technology and expertise. In order to compensate for decline in Venezuela and or countries, Organization of Petroleum Exporting Countries (OPEC) had recently decided to increase derFördermenge.

Venezuela is currently in einerschweren economic crisis and has hardly any currency. China is now wichtigsteGeldgeber of socialist government of Nicolás Maduro. In Vergangenenzehn years, government in Beijing has lent Venezuela some 60 billion dollars. KREDITEZAHLT Venezuela in form of oil supplies.

Date Of Update: 04 July 2018, 12:02

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