Foreign and Military Affairs
China, Venezuela sign deals on oil, hydropower
(Xinhua)
Updated: 2010-04-18 11:41
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CARACAS -- China and Venezuela signed a series of agreements on Saturday to help the latter develop its oil and electricity industries.
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China will provide technology transfer to Venezuela and help it build its own thermoelectric power plant to ease the oil-exporting country's recent energy crisis.
China will also provide soft loans worth US$20 billion to Venezuela's energy sector via the China Development Bank, according to the agreements.
Venezuela has become China's fifth biggest trading partner in Latin America. Bilateral trade reached US$7.15 billion last year, Chinese statistics show.
