(MENAFN) China and Venezuela have conducted a deal for a USD5 billion loan aimed at increasing the OPEC country's oil production.
Back in 2007, Venezuela borrowed a larger USD50 billion from China, which led to the expansion of Chinese companies into Venezuelan markets.
The retreat of last year's oil market amid the economic crisis Venezuela already has was the main reason behind this crucial loan.
"We believe China's cooperation, including financial cooperation, with countries including Venezuela, is done on the basis of realizing mutually beneficial goals," said an informed Chinese official.
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