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VP: Venezuela won’t fail promise of oil supply for China

Vice President of the Venezuelan Council of Ministers for Planning and Knowledge Ricardo Menendez on June 22 in Caracas stressed that his country will stick to its promise to provide China with oil and further strengthen the bilateral strategic alliance.

(Soundbite) Ricardo Menendez,
Vice President of the Venezuelan Council of Ministers for Planning and Knowledge
“Under any circumstances Venezuela shows the belief and strength of our promise. We will not fail any commitment we have made with China in terms of oil supply.”

As the largest oil-reserving country in the world, Venezuela has noticed the price reduction and producing cost increase of oil for over a year in the world.
However, Menendez insisted that this is not the case with Venezuela, which has been healing its oil industry to survive the situation that has arisen in the international markets.

(Soundbite) Ricardo Menendez,
Vice President of the Venezuelan Council of Ministers for Planning and Knowledge
“All the oil China requires for its development from Venezuela is precisely defined. That is an iconic bet our Commander Hugo Chavez made at the time. (Incumbent) President Nicolas Maduro has simply maintained it.”

Venezuela and China has hammered out and updated an oil-for-loan agreement, under which the two sides will tap benefits and have their peculiar demands satisfied.

(Soundbite) Ricardo Menendez,
Vice President of the Venezuelan Council of Ministers for Planning and Knowledge
“In recent decades, especially in the last 17 years, there have been continuous jumps from the point of view of bilateral development, finally resulting in our strategic alliance and comprehensive partnership.”

In the past four decades, the bilateral trade volumes between Venezuela and China have risen from around 1.4 million U.S. dollars to nearly 20 billion U.S. dollars.

(Soundbite) Ricardo Menendez,
Vice President of the Venezuelan Council of Ministers for Planning and Knowledge
“In this aspect, we must put a milestone that was established last year. That is the development of a joint plan between China and Venezuela till 2025. This means that we assume and recognize the models of development of both countries.”

Currently, China is Venezuela’s second largest trade partner, while Venezuela is China’s fourth largest trade partner in Latin America.

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