Reuters is reporting that China signs off on $5 bln loan to boost Venezuela oil output, September 2, 2015:
Venezuela and China have signed a deal for a $5 billion loan designed to increase the OPEC country's oil production, Venezuelan President Nicolas Maduro said.
Maduro, speaking from China in a program broadcast on Venezuelan state television late on Tuesday, said the loan was destined "to increase oil production in a gradual way in coming months," without providing further details.
A source at Venezuelan state-run oil company PDVSA told Reuters in March that China was set to extend a "special" $5 billion loan that would likely stipulate hiring Chinese companies to boost output in the company's mature oil fields.
Venezuela has borrowed $50 billion from China through an oil-for-loans agreement created by late socialist leader Hugo Chavez in 2007, which has helped Chinese companies expand into Venezuelan markets amid chronic shortages of consumer goods there.
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