Related Articles
Forward article link
Share PDF with colleagues

China loans make Venezuela’s outlook more precarious

Patience is wearing thin among both China and other trading partners

Venezuela's economic forecast continues to worsen. The government is struggling to pay back interest on loans to China—the terms of which were relaxed back in June 2016—and its dependency on oil exports to the Asian superpower have become "a question of survival", as one analyst puts it. Along with Russia, China has lent Venezuela over $77bn—including $250m the Development Bank of China approved on 5 July to increase petroleum development—but Caracas has exhausted its debtors' and expropriated investors' patience, and some have started to seek refund via the seizure of cargoes shipping PDVSA oil. Several Venezuelan oil cargoes have been seized in the Dutch Caribbean islands in the past two

Also in this section
NLNG strikes while the iron's hot
20 July 2018
Plans are finally in motion to expand Nigeria's LNG export capacity
Myanmar faces energy crossroads
20 July 2018
Huge potential in the country’s energy sector faces equally sizeable challenges
IOCs face choppy South China Sea conditions
20 July 2018
Beijing's determination to exert its influence in the South China Sea is causing problems for oil companies active in the region