Maduro visits China to get economic support before the elections

He President of Venezuela, Nicolás Maduro, arrives in China on Friday in the midst of his attempt to get financial support of the government of the president Xi Jinping before the presidential elections.

Maduro’s state visit will run until September 14The Chinese Ministry of Foreign Affairs said in a statement. His visit occurs at the same time as the summit of leaders of the Group of 20 takes place in India this weekend, which Xi will not attend for the first time since he came to power.

A meeting between Maduro and Xi it would be the first in five years.

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Venezuela and China They are resuming their ties after years of a cooling of their ties and amid a sharpening rivalry between Washington and Beijing. President Joe Biden It also seeks to involve Venezuelan authorities in conversationss to lift sanctions in exchange for allowing fair elections next year.

A delegation from Venezuela, headed by the vice president, Delcy Rodriguezand the Minister of Petroleum, Pedro Tellecheaarrived in Shanghai earlier this week and It is the country’s highest-ranking group to visit China in five years. The two are negotiating possible joint ventures between China and state-owned Petróleos de Venezuela SA, according to two people with direct knowledge of the matter.

The delegation met with the Chinese Foreign Minister, Wang Yiand with Dilma Rousseffpresident of the Shanghai-based New Development Bank and founded by members of the BRICS. The entourage also visited the Shanghai Oil and Gas Exchange.

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The Maduro Government wants to raise more money of Venezuela’s enormous oil wealth ahead of his long-awaited run for a third presidential term. Venezuela has the largest oil reserves in the world and oil accounts for about 95% of its income abroad. Those money inflows they have been plagued in recent years by mismanagement, corruption and US sanctions.

Venezuela’s Oil Ministry has worked closely with China National Petroleum Corp. (CNPC) officials on a revamped pipeline that would eliminate middlemen and allow them to ship crude directly, Tellechea said in May. CNPC currently produces 80,000 barrels a day, half of what it used to pump in 2015, according to data compiled by Bloomberg.

China became a key creditor for Venezuela in 2007, when it first provided funds for infrastructure and oil projects during the administration of the late former President Hugo Chávez. Public data indicates that Beijing lent more than $60 billion in oil-backed debt through state-owned banks through 2015which reached a level of diplomatic and financial investment unmatched in other parts of Latin America.

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