Venezuela and China have $2.8 Billion Financing Agreement in June, 2017

Ricardo Menendez, Venezuelan planning minister, stated Venezuela and China had a $2.8 billion financing agreement, to improve oil production capacity. This agreement will make the joint project to increase 325 thousand barrels per day. Venezuela and China also evaluated the port construction project in the Eastern Venezuela, a storage capacity of 20 million barrels. According to foreign media reports released by June 14th, 2017.

It is expected Venezuela and China agreement could help Venezuela situation in 2017

It is well known that the Venezuela status is becoming worse and worse, due to the oil and gas price keeps going in a low level in the last few years. Venezuela situation in 2017 is going into a freeze point. People in Venezuela are facing the pressure from different sides, food, poor, safety, and violence. Before this agreement, China already loan Venezuela $50 billion, it has been extended several time again. Now this behavior from China government may be not understand by most of China people, but it is hoped that this behavior will provide little bright and help to the innocent people in Venezuela.

Background: Venezuela want more cooperation with China

Venezuela, the country that rely on oil and gas exports, has turned to China for help several times. Venezuela and China have a good relation since long time ago.
In the current oil crisis, Venezuela has been unable to return the $50 billion debts to China. China decided to extend the deadline of $ 50 billion loan. In order to achieve better cooperation plan and get out trouble, Venezuela finance minister Marco was coming to China several time to seek more emergency financing.