China signs 12 deals with Venezuela (2)

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China signs 12 deals with Venezuela (2)

By Wu Jiao (China Daily) 08:39, September 23, 2013

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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, Maduro told Xi.

Maduro said that China's development has benefited Venezuela.

The meeting on Sunday witnessed the signing of 12 cooperation agreements on energy, education, agriculture and construction.

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.

According to Wang Zhen, former ambassador to Venezuela, Maduro's first trip to China after being elected president can be regarded as continuing Chavez's policy on China.

"The decision helps fuel economic development of Venezuela, and will help increase its international status. It can also help secure the government of Maduro," Wang said.

In the post-Chavez era, Maduro is facing great challenges, especially the imbalance of social and economic development. His narrow electoral win will prompt him to advance social reform and improve the economy.