The Government of China will grant a special credit for 5,000 million dollars to Venezuela for the development of projects for the production of oil, informed the Minister of Economy and Finance, Simón Zerpa.
"We are already launching specific financing in the framework of a special credit that the Government of China is delivering to Venezuela for 5,000 million dollars, for projects of direct investment in production," Zerpa said.
The Secretary of State also said that they obtained direct investment authorization from the Development Bank of China in the increased production of the state-owned Petróleos de Venezuela, SA (PDVSA) for more than 250 million dollars.
On July 3, the seventh meeting of the Technical Secretariat of the Venezuela - China High Level Joint Commission was held in Beijing, with the purpose of deepening bilateral relations and evaluating agreements on productive matters.
During the meeting, the main topic was the production of oil and issues related to the economic, financial and energy fields.
Likewise, Zerpa announced that in the coming weeks the signature of at least 3 new financing will be finalized that will have a positive impact on the increase of production in the Orinoco oil belt and in other production areas of PDVSA.
This financing agreement comes less than a month after the Organization of Petroleum Exporting Countries (OPEC) said that Venezuela's oil supply is still falling.
According to the latest OPEC report, the Caribbean country extracted 1.39 million barrels per day (mbd) of crude in May, which represents a decrease of 2.7% compared to the month of March.