China offers $ 5,000 credit for Venezuelan oil production

China has agreed to grant Venezuela a special loan of 5,000 million dollars to reactivate oil production in the Caribbean country.

Venezuelan Minister of Economy and Finance Simon Zerpa, who will attend a bilateral meeting in China, said on Tuesday that the two countries will sign at least three new financings in the coming weeks.

The Chinese economic package will help increase oil production in the oil field of the Orinoco oil belt and other fields operated by the state-owned Petróleos de Venezuela SA (PDVSA )

The economic crisis and the lack of funding in the oil sector have reduced the exploration of crude oil in Venezuela in recent years. The country currently produces nearly 1.5 million barrels a day, while its production amounted to 3.5 million five years ago.

According to specialists, Venezuela requires investments of more than 20 billion dollars. During the meeting, Zerpa denounced "the attack of US imperialism against" Caracas and Beijing, and has urged to "create alternative circuits" to maintain the fluidity of bilateral relations.

United States In May, sanctions against Venezuela were tightened after the re-election of Venezuelan President Nicolás Maduro as president of the Bolivarian country in the elections that Washington has described as "farce". The new embargoes prohibit any economic transaction with Venezuelan government agencies, including PDVSA.

The Maduro government has repeatedly denounced that the White House is using Venezuelan opposition to unleash an economic war, through shortages, speculation and hoarding, among other measures, with the aim of destabilizing the country and to facilitate a coup d'etat.

ftm / anz / krd / rba