China, Venezuela sign agreements on oil, hydropower projects

11:11, April 18, 2010

China and Venezuela on Saturday signed a series of agreements to help the latter develop its oil and hydropower industries.

Under the agreements, the two countries will set up an oil exploiting and processing joint venture in Venezuela's Orinoco reserves belt.

China will help the South American nation build its own hydropower generator to ease the oil-exporting country's recent energy crisis.

China will also provide financial aid to Venezuela's mining sector via the China Development Bank, according to the agreements.

Venezuela has become China's fifth biggest trading partner in Latin America. Bilateral trade reached 7.15 billion U.S. dollars last year, Chinese statistics show.

Source: Xinhua

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