Venezuela and China Advance Socio-Economic Cooperation

In exchange for oil production in Venezuela, the South American nation and China have committed to 672 socio-economic projects ranging from educational to agricultural, sports and technological development.


Los Angeles, October 4th 2016 (venezuelanalysis) – Venezuela confirmed Tuesday the South American nation’s 672 socio-economic developments projects with China have advanced. Venezuelan President of the China-Venezuela Mixed High Commission Ricardo Menéndez discussed the projects during a press conference in Caracas. The announcement comes also as Venezuela Minister of Foreign Affairs Delcy Rodríguez met with her Chinese counterpart Zhao Bentang in Venezuela on Sunday.

Menéndez spoke at the Ministry of Planning in Central Park, Caracas and confirmed that 338 projects have been completed while 203 are underway and 131 more projects have been recently included in the bilateral development agreement.

Likewise, Venezuelan media outlet Últimas Noticias reports that Ministry of Energy and Oil Eulogio Del Pino expressed during an interview with the television program “even Questions that “Since last year, we have worked on the portfolio of these oil projects. The Chinese government approved us [Venezuela] a loan of US$5 billion.” 

These bilateral projects range in: energy, oil, education, technology, commerce, healthcare, infrastructure, industry, culture, sports, agro industry, agriculture and housing.

Menéndez detailed that the Mixed High Commission is set on creating a ten year plan. “Between China and Venezuela, we have a broad, long-term vision through 2025 and 2039,” said Menéndez according to teleSUR reports. 

Meanwhile, Venezuela’s foreign minister, Rodríguez affirmed the two nations’ commitment to bilateral cooperation during her visit with Ambassador Bentang in Caracas. “In the following months, we will hold the China-Venezula Mixed High Commission in our country to consolidate and amplify our strategic areas of cooperation,” read Rodríguez’s official Twitter on Sunday. 

Current Vice President Aristóbolo Istúriz also recently traveled to China to accelerate the two nations’ socio-economic cooperation.

Additionally, Vice President of Venezuelan oil company PDVSA Orlando Chacín, traveled to China to discuss the diverse projects last week. Part of Chacín’s visit resulted in two more Chinese companies’ involvement in the drilling and connection of wells in Maracaibo River and the Orinoco Oil Belt. 

The China-Venezuela Mixed High Commission was formed in 2001. The two countries have celebrated 42 years of formal diplomatic relations celebrated this past June.