• Costa Rica Real Estate

Venezuela’s Maduro secures another $5 billion loan from China for oil sector

September 2, 2015

CARACAS, Venezuela – Venezuelan President Nicolás Maduro announced China has granted his government a $5 billion loan to boost oil output in the recession-hit OPEC state.

“We have signed a special program for a $5 billion loan to progressively increase oil production in the coming months,” Maduro said on state television Tuesday night in a broadcast from China, where he is on a visit seeking support for Venezuela’s sinking economy.

The two countries will negotiate “joint projects in the areas of reconnecting oil wells and services associated with crude production,” the socialist leader said.

China, a major political and economic ally, also agreed to a gold mining deal and a joint development plan through 2025, he added.

Maduro traveled on Aug. 29 to China and Vietnam, saying the trip was aimed at “seeking support in these difficult times.” His cash-strapped government already had secured a $5 billion loan from China in April.

Venezuela’s state oil giant, PDVSA, the engine of the economy, saw output fall by 4 percent last year, to 2.78 million barrels a day.

The slide in global oil prices — down from around $120 a barrel in June last year to less than $50 now — has exacerbated the crisis gripping Venezuela’s economy, hit by runaway inflation, shrinking reserves and severe shortages of basic goods.

Venezuela, which has the world’s largest proven oil reserves, has borrowed more than $50 billion from China in an oil-for-loans deal struck by Maduro’s late mentor, Hugo Chávez in 2007.

You may be interested

Farmers protest in Costa Rica asking for debt relief
Business
2 views
Business
2 views

Farmers protest in Costa Rica asking for debt relief

AFP and The Tico Times - January 28, 2020

About 200 Costa Rican agricultural producers protested Monday with tractors in front of the headquarters of the Ministry of Agriculture…

No suspected cases of coronavirus in Costa Rica, Health Ministry says
Costa Rica
12 views
Costa Rica
12 views

No suspected cases of coronavirus in Costa Rica, Health Ministry says

The Tico Times - January 28, 2020

Costa Rica does not have any suspected cases of coronavirus, the Health Ministry said Monday. The Health Ministry has issued…

15-year-old dies of amebic meningitis after visiting Costa Rican hot springs
Costa Rica
202 views
Costa Rica
202 views

15-year-old dies of amebic meningitis after visiting Costa Rican hot springs

Alejandro Zúñiga - January 28, 2020

A 15-year-old has died in Costa Rica of amebic meningitis after contracting the rare infection at a hot spring, the…

Do NOT follow this link or you will be banned from the site!