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China gives Venezuela break on oil-for-loan repayment

Amendments eliminate the minimum export requirement and a payment period

China has agreed to ease some of the terms for Venezuela on more than $50 billion in oil-for-loan deals amid lower oil prices that would force Caracas to ramp up exports to keep up with its payments. New amendments to the oil-for-loans agreement have eliminated the minimum oil export requirement and also removed a three-year repayment period, China's Ministry of Commerce (Mofcom) said in a short statement on its website.  Venezuela sends 230,000 barrels a day (b/d) of oil to China to repay parts A and B of the loan, and a further 100,000 b/d to pay part C of the agreement, Mofcom said. Venezuela's state oil company PdV said in its most recent annual report that it sent around 550,000 b/d of

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