China is turning back towards Venezuela, for now. After
several years of inactivity, Beijing is reviving investment into the Venezuelan
oil sector. On September 14, Venezuelan president Nicolas Maduro announced it
had secured a USD5.0bn credit line from the China Development Bank (CDB) which
will be used to boost production from three heavy oil joint ventures owned by
state-owned PdVSA and CNPC which include two Orinoco-based production
facilities and an upgrader. This will add to the over USD62bn of mostly
oil-backed loans issued by the Chinese to Venezuela since 2007. More…
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