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China allocates $5 bln credit to Venezuela

December 29, 2013, 8:59 UTC+3 CARACAS
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CARACAS, December 29, 8:36 /ITAR-TASS/. China has allocated a $5 billion credit to Venezuela, Venezuelan President Nicolas Maduro said here on Saturday. In his words, the allocations will be used for infrastructure development, construction of housing and industrial facilities.

The credit was discussed during Maduro’s visit to China in September 2013. The credit will be transferred to the Chinese-Venezuelan fund formed in 2007.

Chinese credits to Venezuela reached 36 billion dollars without taking the latest one into account. In August 2013 Venezuelan Minister of Petroleum and Mining Rafael Ramirez noted that the country had already repaid the credits worth of 20 billion dollars. According to official sources, Venezuelan oil supplies to China reach 640,000 barrels daily, 264,000 of which are delivered to repay the credits. In the near future the Venezuelan authorities pledge to bring this figure to one million barrels. The Venezuelan-Chinese company Petrosinovensa is producing oil in the Orinoco oil belt. China owns 40 percent of stock in the joint venture and Petroleos de Venezuela possesses 60 percent of its stock.

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