Venezuela to receive $5bn to boost oil sector

Venezuela is receiving $5 billion (£3.2bn) to boost its oil sector. The government said the funding comes from China and aims to increase oil production in the country which is currently is 2.5 […]

Register now!

By Jacqueline Echevarria

Venezuela is receiving $5 billion (£3.2bn) to boost its oil sector.

The government said the funding comes from China and aims to increase oil production in the country which is currently is 2.5 million barrels per day.

The deal was signed by Venezuelan President Nicolas Maduro during a visit to China this week.

Venezuela’s Government also announced China will help the country improve its mining industry by introducing new technologies.