Venezuelan Signs $5 Billion China Loan for Lifting Oil Output
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Venezuelan President Nicolas Maduro signed a $5 billion dollar loan from China to boost oil output and pledged to increase exports to his country’s largest creditor.
Despite dwindling production by state oil giant Petroleos de Venezuela SA, exports to China have risen steadily in recent years as Venezuela seeks to repay billions of dollars in loans from the world’s second-largest oil consumer. Much of the money owed is repaid through oil shipments, which currently stand at about 700,000 barrels a day, Maduro said at the signing ceremony in Beijing.