AS/COA Online | Beijing Pledges $20 Billion to Venezuela

Beijing and Caracas underscored their burgeoning ties over the weekend with $20 billion in Chinese financing, largely for Venezuela’s energy sector. The series of accords signed includes plans for a joint venture for exploration in the oil-rich Orinoco belt and secures Venezuelan oil for energy-hungry China. “This is a larger scope, a super heavy fund. China needs energy security and we’re here to provide them with all the oil they need,” said Venezuelan President Hugo Chávez in televised remarks. “China is going to give financing to Venezuela, to the Venezuelan people, to the Bolivarian Revolution…over the long-term and in large volume.” The funds could help salve the Andean country’s battered economy and infrastructure. ´╗┐

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