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Chinese President signs oil deal with Venezuela

Oilfield Technology,

Chinese President Xi Jinping has signed a number of oil and mineral deals with Venezuela.

China will provide Venezuela with a new US$ 4 billion credit line under an agreement signed on 21 July, with the money to be repaid by crude oil shipments from OPEC member Venezuela.

Money from the credit line will be placed in the Chinese-Venezuela Fund, which focuses on infrastructure and economic development in the South American country. According to officials, the credit will be repaid by shipments of approximately 100,000 bpd of crude oil and products.

The deal was signed during a visit to Venezuela by the Chinese President, who is currently on a tour of Latin America. President Xi has already signed key agreements in Argentina and Brazil, and will now travel to Cuba.

China is the second-largest market for Venezuelan oil after the United States, with an average daily volume of 640,000 barrels.

Edited from various sources by Katie Woodward

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