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Oil deal between China and Venezuela

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Published on : Jul 22, 2014

Venezuela and China have come together and signed mineral and oil deals. Some very significant deals with Brazil and Argentina have already been signed by Mr. Xi Jinping, the Chinese president. The next country, with which he will sign a deal with, is Cuba. 
Mr. Xi has agreed to pay a currency swap valued at USD 11 billion to Argentina and this will fulfill the requirement of funds needed in Argentina.

During a summit in Brazil, the Chinese president provided much needed assistance in establishing a development bank in Brazil alongside the other BRICs members. The main aim for developing this bank was to establish an option other than the World Bank which is essentially dominated by the West. 

Trade between Latin America and China has grown swiftly and China has be a trading partner of Brazil’s since 2009 and is currently the second largest trading partner with Cuba and Argentina. 
After the United States, the second largest market for Venezuelan oil is China. 

According to analysts, the prime reason for the visit to Venezuela is to be able to procure the required resources from countries in Latin America to fund the long term expansion plans of China. 

Currently, Mr. Jinping is on his way to Cuba to meet the Cuban president Raul Castro.
In the past, large trade credits were provided to Cuba by China and these two countries are long term and strong political allies.

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