President Maduro: Funding scheme with China has promoted development and relationships based on respect and equality

Caracas.- Mr. Nicolás Maduro, president of the Bolivarian Republic of Venezuela, announced the visit of Mr. Zhang Jianhua, chairman of China National Petroleum Corporation (CNPC), during a press conference with national and international media, with the view to define the plan to increase oil exports to China in up to one million barrels.

In this sense, President Maduro highlighted the achievements made during the working tour to the People’s Republic of China, which also strengthened the strategic relationship between both nations, with an investment of about 5 billion Dollars for the rest of the year.

He stated that “the relationships with China are very clear. This visit has meant a special boost to reactivate the two financing founds and revive the economic relation of shared development”.  

During the working session with CNPC, they dealt with the advance of investment definition regarding the sale of 9.9% of Sinovensa joint venture shares. He assured that “we have come to an association agreement based on the Organic Law for Hydrocarbons”.

Likewise, he emphasized the virtuous relationship with the Asian giant and the fulfillment of financial commitments assumed at international level. “Our funding schemes do not generate debts, all is paid by oil. Funding schemes have just generated development and relationships based on respect and equality”.

President Maduro expressed confidence on Mr. Manuel Quevedo, People’s Minister of Petroleum and president of Petróleos de Venezuela, S.A. (PDVSA), and on the Oil Working-Class, through Workers Fronts and Socialist Production Operational Brigades in order to hold the reins of a new oil production process in Venezuela.

He also added that “oil workers are engaged to develop a special oil wells recovery plan to put them in service. I believe in a new PDVSA with a socialist and moral spirit, truly chavista”.

He also assured that Russian investments are progressing in a good pace. Venezuela will soon welcome representatives from various oil companies in order to continue strengthening relationships with Russia.

In this way, the Bolivarian Revolution consolidates relationships within the framework of mutual respect and under a win-win premise, to the benefit and development of the peoples. He said that “With a revolutionary spirit, we will double PDVSA productive capacity. Let’s work, invest and produce”!