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Fly Me to the Moon 🌝 🇨🇳

China and Venezuela agreed to enter an “all-weather strategic partnership”, but the specifics are unknown. It includes 502 agreements, covering such things as… sending Venezuelans to the moon

China and Venezuela’s New Love Affair

China and Venezuela agreed to enter an “all-weather strategic partnership” after years of cooling down relations, but the specifics are unknown. The two countries signed 502 agreements that cover mining, space exploration, commerce oil production, agriculture and other areas. “It’s a cooperation based on mutual respect where energy and oil are the axis,” Maduro said. It’s still yet to be seen if the meeting will lead to more Chinese participation, including new joint ventures, in Venezuela’s oil industry. However, it doesn’t seem as if they secured quick cash for the elections.

China’s Quagmire in Venezuela

Venezuela’s joint venture with China National Petroleum Corporation is currently producing 80,000 bpd annually: half of what it pumped in 2015. Yet, the joint venture is nowadays practically managed solely by PDVSA, as Chinese companies are avoiding American secondary sanctions like those imposed on Rosneft in 2020. Venezuela still owes between $10 and $15 billion to China, which loaned more than $50 billion in Venezuela until 2018 without much results.

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Remember this Doña del Cafetal disinformation campaign from 2017, when China was still pumping millions into Venezuela? Even La Patilla did an April’s Fool article on China buying Delta Amacuro in 2013.

Pueblo People talks Simón
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