China Development Bank (CDB) will be lending Venezuela $4 billion, Bloomberg reports. The loan will help boost oil production by state oil company Petroleos de Venezuela.
The Venezuelan oil ventures with China produce 112,000 barrels per day. The funding will help raise the output to 1.1 million barrels in 2014. The Latin American country uses set prices for oil shipped to China to repay loans.
Click here for the story from Bloomberg.
CDB Venezuela Venezuelan Bloomberg China Development Bank