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Venezuela borrows $5bn from China to boost output

China has not lost confidence in the oil producer despite price slump and falling crude output

Venezuela has secured a further $5bn in loans from China to help the cash-strapped oil producer boost output despite the price slump, the country’s president, Nicolas Maduro, said 1 September during a trip to Beijing. The loan is the latest sign that China hasn’t lost confidence in Venezuela even as crude output has fallen over the past few years and the oil price decline has plunged the Latin American country into an economic crisis. The latest deal pushes the total amount in oil-for-loans deals between the countries to around $50bn. The relationship, however, has been troubled at times. China has been frustrated by the slow pace of progress at its mega-projects in the Orinoco heavy oil b

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