Venezuela Announces Increase in Oil Exports to China

Venezuela and China recently signed 28 agreements, raising the number of cooperation projects in the area of development to more than 700

Venezuela will increase oil production to raise exports to China by one million barrels, announced the Head of State of the South American country, Nicolas Maduro.

At an international press conference at the Miraflores Palace (headquarters of the Executive) in Caracas, the President indicated that the executive president of the Chinese company CNCP will arrive in Caracas on Tuesday to work on increasing extraction, as part of the agreements signed with the government of the Asian country.

Maduro stressed that during his recent official visit to Beijing, the authorities of both countries had signed 28 agreements, raising the number of cooperation projects in the area of development to more than 700.

The President highlighted the special invitation to participate from November 5 to 10 in the World Trade Fair in Shanghai, where Venezuela will attend with more than 500 exporters.

He assured that next week he will have the first meeting with the Venezuelan business sector to take to China all the exportable offer of the South American country.

The President also proposed to hold a Summit of the Community of Latin American and Caribbean States (CELAC) in China, in order to reach major economic, financial and trade agreements in the area of strategic cooperation.

In this regard, Maduro suggested the Shanghai World Trade Fair as a space where Beijing and CELAC could meet, ‘for the strengthening of cooperation and multilateralism.’