Today Rigzone has a story on the Chinese funding oil projects in Venezuela to the tune of $4 billion.
Note the amount of Venezuela oil being shipped to China:
Venezuela will sign on Wednesday a new $4 billion loan agreement with China that will go to finance oil projects in the hydrocarbons-rich South American country, according to Venezuelan Oil Minister Rafael Ramirez.400,000 bopd represents about the amount currently be produced by the Bakken on a daily basis. Can you imagine the total Bakken output going to one country, China in this case?
The two countries, which are holding a summit of high-level officials in Caracas, will also renew a separate $4 billion tranche of an existing bilateral development fund, Ramirez told reporters Tuesday.
Venezuela has increasingly turned to the Asian giant for credit lines in recent years to finance projects ranging from housing to mining to agriculture in the South American country. In return, Venezuela is repaying the loans with shipments of crude oil, which currently amount to more than 400,000 barrels a day, according to the Venezuelan Oil Ministry.