23.10.201718:47:00UTC+00VENEZUELA: Country And China Strengthen Strategic Alliance In Energy

Venezuela and China strengthened their strategic alliance in energy, primarily aiming at increasing crude oil output in their joint ventures, investments, financing and trade. The compromise was agreed at a meeting between Venezuelan officials and a delegation from China National Petroleum Corporation (CNPC).

"Energy cooperation has been a fundamental basis for strengthening political, social, cultural and economic ties. We better know our friends at difficult times, and CNPC will continue to be a partner of Venezuela," CNPC Vice-President Wang Dongjin told Venezuela's Oil Minister, Eulogio Del Pino, and state-owned PDVSA chairman, Nelson Mart?nez.

Both companies set up six joint crude oil production companies operating in the Orinoco Oil Belt and advanced in energy trading through the Chinese currency, the yuan.