Venezuela increases oil export to China to one million barrels per day

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Venezuela has increased its oil export to China to one million barrels per day according to a statement on Tuesday (September 18). The state owned Venezuelan company has sold 49 per cent of its shares to China National Petroleum Corporation (CNPC) which will partly own after the sale.

Still, it remains unclear as to how much do Venezuela receive or which company bought the shares in Sinovensa. Maduro said the Sinovensa sale formed part of a plan to invest $5 billion over the next year in Chinese projects to double oil production and be able to send a million barrels per day to China. Venezuela’s oil production is at 60 year low after of little investment and crumbling infrastructure.

Venezuela President says that new investment from China will boost the economy in Venezuela which has been in a downfall for decades. This will uplift the financial system, rising oil prices, boost oil production. China is a major economic partner which has agreed to invest $5 billion more in Venezuela, said Maduro following his trip to Beijing. Last week Maduro visited China to have bilateral talks with Chinese Premier Xi Jinping from saving his grappling economy.

“We are taking the first steps into a new economic era,” he said. “We are on track to have a new economy, and the agreements with China will strengthen it.” Commenting on the deal he said Venezuela will increase production and the daily export of oil to China to 1 million barrels a day.

However, China is taking a strong role in its new agreements. Over the last decade China has given Venezuela $65 billion in loans, cash and investment. Venezuela owes more than $20 billion. The head of the National Petroleum Corporation of China will soon travel to Venezuela to finalize plans on increasing oil exports.

“The Chinese are reluctant to throw good money after bad,” Dallen said. “They do want to get paid back. The only way they can get paid back is to get Venezuela’s production back up.”

Once Venezuela was one of the richest oil producing state, after the gripped economy the Venezuelan citizens struggle to buy basic amenities like food, medicine. It faced historic crisis greater than the US depression and still continues to battle with the starving economy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Rs 1.33 crore illegal cash seized in Gurugram

Chandigarh, Oct 19 (IANS) Haryana Police have seized an illegal cash of over Rs 1.33 crore from a car...

President meets Filipino liver transplant patients’ kin

Manila, Oct 19 (IANS) President Ram Nath Kovind on Saturday interacted with the Filipino families of infants, who underwent liver transplant in India."Indian medical...

Mirchi deals: ED raids 14 DHFL, Sunblink sites (2nd Lead)

Mumbai, Oct 19 (IANS) Tightening its noose in the multi-crore real estate deals involving fugitive underworld don Dawood Ibrahim Kaskar's close aide late Iqbal...

Ahead of polls, IT seizes Rs 29 cr cash in Mumbai

Mumbai, Oct 19 (IANS) The Income Tax Department has seized Rs 29 crore cash here since the model code of conduct was enforced in...

Plan to kill Kamlesh Tiwari hatched 2 months ago: Police (Lead)

By Anand SinghAhmedabad/Lucknow, Oct 19 (IANS) The plan to execute former Hindu Mahasabha President Kamlesh Tiwari was made about two months ago by the...
- Advertisement -

More Articles Like This