November 14, 2018
Latest News

China, Venezuela sign agreements on oil, mining, security

Beijing, Sep 14 (efe-epa).- Venezuelan President Nicolas Maduro's official visit to China resulted Friday in the signing of strategic cooperation agreements on oil, mining, economy, security, technology and health within the framework of the 16th meeting of the China-Venezuelan High-Level Mixed Commission.

Maduro said during an address before the Commission that 28 agreements were being signed for development of their joint ventures.

The agreements, signed with Chinese Foreign Minister Wang Yi, included a memorandum for share allocation in the Sinovensa oil joint venture, as well as a memorandum of understanding (MoU) for development of hydrocarbon joint ventures Petrourica and Petrozumano.

They also signed an agreement for boosting cooperation between China National Oil and Gas Exploration and Development Corporation and Venezuela's PDVSA with the aim of exploring and harnessing gas resources in the South American country.

The two parties also signed an MoU for cooperation between Chinese tech firm ZTE and Venezuelan Ministry of People's Power for Health.

Maduro said the agreements signed were in tune with the country's economic recovery program that was rolled out on Aug. 20, and claimed that commercial ties between the two nations had passed the test presented by the global financial crisis.

Wang said he wanted the bilateral cooperation to remain strong and to continue to advance.

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