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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Friday, February 3, 2017

Venezuela at risk of losing sovereignty over oil


Venezuela is in danger of losing sovereignty over its energy resources because of the terms of loans deals it has signed with China, according to a study the Colombian NGO Asociación Ambiente y Sociedad, “China en Venezuela: préstamos para el petróleo“. “Paying the debt is unsustainable in the long term, and in the future Venezuela will not be able to depend on having its oil to sell to other clients,” the report says. Some US$ 50 billion of loans made to Venezuela by China Development Bank are repaid with oil. With the drop in global prices, the country led by president Nicolás Maduro is at a something of a dead end. More…

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