China Development Bank and Venezuela join forces in order to increase oil Production

Caracas.- The President of Venezuela and representatives from China Development Bank (CDB) came to agreements with the view to inject resources to Venezuelan oil activity in favor of the increasing and strengthening of the country’s oil production.

During the meeting, Mr. Simón Zerpa, People’s Power Minister for Economy and Finance and Mr. Zheng Zhijie, President of the CDB,  agreed upon working on the materialization of a special loan for the oil sector, starting with the existing joint ventures, like Petrozumano.

Minister Simón Zerpa stressed the importance to work on joint implemented activities between PDVSA and the CDB, to exchange information regarding Economic and Financial matters, as well as consultancies in various aspects of the economic field, directed to Venezuelan institutions.

On its part, the CDB reaffirmed its support to the Venezuelan Bolivarian Government, and stated that all this shall prove positive results for the cooperation between both nations.

Source:  People’s Power Ministry for Economy and Finance