Editors Note: I wonder if this debt that Venezuela is wracking up is to get them to a point where they have to give oil and or allow for other Chinese “operations” including but not limited ones militaristic. OK here we go.
China is poised to lend Venezuela around $10 billion in coming months, half as part of a bilateral financing deal and the other half for development of oil fields, a senior official at state oil company PDVSAsaid on Thursday.
The first $5 billion loan, part of the Joint Chinese-Venezuelan Fund, is due to be signed this month and will be destined for wide-ranging projects in the OPEC country, said the official.
The other separate $5 billion loan is set to be clinched in June and will likely stipulate contracting Chinese companies to boost production in PDVSA’s mature oil fields, the source added.
“China wants to decisively back investments in areas like mature oil fields so that PDVSA can rapidly increase its production,” said the source, who asked not to be identified…. http://www.reuters.com“
I wonder if and some would say not iff but in deed when are they going to be making the debt’s denominated in either Yuan / Renminbi or the Newly Proposed Russia replacement the “Eurasian” a currency strategy for the Eurasian Economic Union treaty