• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 30 mins U.S. Presidential Elections Status - Electoral Votes
  • 6 hours Locked Thread on the election
  • 15 hours “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 17 hours Censorship in USA
  • 13 mins Mail IN Ballot Fraud
  • 15 hours Michael Moore Cranking Up Planet of the Humans Again
  • 7 hours British PM Eyes Banning Gasoline and Diesel Car Sales
  • 2 days Renewables deprogramming
  • 2 days CREO Syndicate – Ultrawealthy & Oil-igarchs Multi-Trillion Investments on Climate & Green
  • 1 day Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 20 hours San Francisco Imposes Natural Gas Ban
  • 1 day WTI / ​​​​​​​Price Forecasting 
Latin America’s Next Oil Hotspot

Latin America’s Next Oil Hotspot

Suriname is making major moves…

Can Big Oil Make Carbon Capture Mainstream?

Can Big Oil Make Carbon Capture Mainstream?

Carbon capture technology is often…

Consumers Will Pay For Carbon Pricing Costs

Consumers Will Pay For Carbon Pricing Costs

As the world grapples with…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Maduro Seeks New Funding On Visit To China

Venezuela’s President Nicolas Maduro is meeting with the top Chinese officials, including President Xi Jinping, as the socialist leader of the troubled Latin American oil producer is looking to convince China to provide new loans to plug some of the widening gaps in Venezuelan finances.

In one of many tweets on Thursday praising China and its communist founder Mao Zedong, Maduro said that the two countries will boost economic, trade, energy, financial, political, and cultural ties.

Over the past decade, China has reportedly lent around US$60 billion to Venezuela, most of which constitutes loans up front in exchange for future Venezuelan oil deliveries.

But Venezuela’s economic and oil industry demise was expected to result in its crude oil exports to China plummeting this summer to their lowest level in almost eight years.

In July, China’s Development Bank was said to have approved a US$5-billion loan for Venezuela’s oil industry, Bloomberg reported, quoting the troubled South American country’s Finance Minister Simon Zerpa.

“We’ve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and we’re already putting together financing for a special loan that China’s government is granting Venezuela for $5 billion for direct investments in production,” the official said.

The loan was a lifeline for PDVSA, which has been unable to stop an accelerating production decline resulting from years of mismanagement and a cash crunch brought about by the tightening grip of U.S. sanctions.

Over the past month, Maduro has been touting a new plan for economic recovery, which includes a new policy on gasoline pricing that would raise Venezuela’s ultra-cheap gas prices for the first time in two decades. The plan to ease the severe economic crisis also featured a devaluation of the currency and pegging the new bolivars to the government’s cryptocurrency El Petro, which Venezuela claims is backed by its oil reserves and which analysts think is just a scam.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Sheikh Jerboutii on September 14 2018 said:
    Lots and lots of strings attached, like all the money must be spent in China with favored vendors. Maduro does not have the money in his suitcase.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News