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Venezuela secures another $5bn in China loans

Venezuela has secured a further $5bn in loans from China to help the oil producer boost output president Nicolas Maduro said 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 several 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 megaprojects in the Orinoco heavy oil belt. And the price decline forced China to ease the repayment terms for Venezuela as it struggled with the oil downturn. Venezuela’s crude fell to $36.48/barrel in the last week of August, so every barrel Venezuela n

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