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Venezuela and China sign 12 new accords

The strategic cooperative relation between the Bolivarian Republic of Venezuela and the People’s Republic of China was strengthened on Wednesday with the signing of twelve new cooperative accords in areas relating to finance, energy, agriculture, trade and communications.

The twelve documents were signed by high-level officials from both governments, in Ayacucho Hall of Miraflores Palace, following a private meeting between President Hugo Chávez Frías and Chinese Vice President Xi Jinping, who is currently visiting Venezuela.

One of the twelve accords will expand the Joint Financing Fund, which President Chávez calls the Heavy Fund, from 6 to 12 billion dollars.  This mechanism was created in 2007 with an initial base of 6 billion dollars.

Another of the accords saw PDVSA, Venezuela’s state oil company, agree to supply between 80 thousand and 200 thousand barrels of oil a day to Chinaoil, the rents of which will go to paying the debt that the Economic and Social Development Bank of Venezuela (Bandes) has with the Development Bank of China.

In other energy new, a memorandum of understanding was signed for the joint study of Venezuelan oil fields in Yopales, Sur, Oca, Óleos and Merey.

As for agriculture, both countries signed a second complementary document relating to the third stage of the Comprehensive Rehabilitation Project for the Irrigation System of the Guárico River.

Furthermore, a memorandum of understanding for the development and processing of aloe was signed between the Venezuelan Agrarian Corporation (CVA) and Camc Engineering Co., Ltd of China.

Regarding trade, the two countries will benefit from approval of an accord to create a mixed enterprise between Haier and Corpivensa for the installation of an appliance factory in Venezuela.

Finally, two memoranda of understanding in the area of communications were signed, one between the Ministry of People’s Power for Communication and Information (MinCI) and International Radio of China (CRI), and the other between Telvisora del Sur (Telesur) and CCTV, China’s state television channel.

As of November 2008, trade between Venezuela and China grew by $5 billion over the past previous years, a growth rate of 72%.  Trade between the two countries stands at over $10 billion.

Agencia Bolivariana de Noticias, Embassy of the Bolivarian Republic of Venezuela Press Office / February 18, 2009

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