Venezuela to Get $5 Billion in Funding From China

A director at state-owned Petroleos de Venezuela said on Tuesday that Venezuela will receive a loan of $5 billion from China in the coming months for crude oil projects. China has become Venezuela's principal financier over the last decade, lending more than $46 billion to be repaid in oil. Orlando Chacin, vice president of exploration and production at PDVSA, said in an interview, "It is being discussed right now and will come within a few months." The funds seemed to be part of an overall $10 billion loan a PDVSA source earlier this year said Venezuela had negotiated with the Development Bank of China, half for oil projects.