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China signs 12 deals with Venezuela - China.org.cn
Y-8 aircraft China exported to Venezuela Nov. 2012
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.
Venezuela, with 297 billion barrels of proven crude oil reserves, has surpassed Saudi Arabia to become the nation with the largest proven crude oil reserves in the world.As one of the main pillars of OPEC, Venezuela also takes an important role in ensuring China's energy security and balance.
Venezuelan Oil and Mining Minister Rafael Ramirez said earlier that Venezuela exported 626,000 barrels of oil per day to China in the first four months of this year and the figure is expected to reach 1 million barrels per day within two years. In 2012 China imported a total of 5.1 million barrels of oil per day from abroad.
Beijing is now Caracas' second-largest trading partner in Latin America. Bilateral trade was only $350 million in 2000, but it reached $23 billion in 2012 after the two sides initiated several multibillion projects.
Y-8 aircraft China exported to Venezuela Nov. 2012