China to loan $4-billion to Venezuela
China will provide Venezuela with a new $4-billion credit line under an agreement signed on Monday, with the money to be repaid by oil shipments from OPEC member Venezuela.
President Nicolas Maduro said “It’s a virtuous (financing) formula which does not create onerous debts,”. “We’ve reached the point of no return in a deep relationship with China.”
PDVSA said Venezuela is now sending about 524,000 bpd to China, a figure expected to rise to 1 million bpd by 2016.