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China gives $20 bn to Venezuela in exchange for fuel
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IANS/ EFE | 19 Apr, 2010
China would provide $20 billion to Venezuela for a "large volume and long term" financing plan in exchange for more petroleum, Venezuelan President Hugo Chavez has said.
China will contribute financing of $20 billion" to help with development in Venezuela under conditions that in no way have anything to do with the excessive interest rates of multilateral lending entities, such as the International Monetary Fund, Chavez said ahead of a meeting here Sunday with Chinese President Hu Jintao.
"All the petroleum that China may need to consolidate itself as a great power is here," Chavez said, adding that the Asian country will become "the No. 1 great world power".
The Chinese president, however, had to suspend his visit to Chile and Venezuela because of a visit to the site of the devastating 7.1 earthquake that killed more than 1,700 people in China Wednesday.
Chavez offered his condolences over the natural disaster, which he said "we feel to be ours, in our heart and spirit".
Venezuelan officials, meanwhile, signed the pacts with members of a Chinese government delegation led by National Energy Administration Minister Zhang Guobao.
Venezuela is already sending China about 500,000 barrels of oil per day. With the signing of the additional agreement, another 400,000 barrels per day will be added, Chavez said.
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