The deals are set to consolidate the geopolitical alliance between the two nations.
Venezuela and China signed Thursday 22 new agreements worth US$2.7 million in a move aimed at promoting economic development and cooperation.
The deals, signed during the 15th meeting of the China-Venezuela High-Level Mixed Commission in Caracas, are set to consolidate the geopolitical alliance between the two nations and foster greater economic growth.
They include joint ventures such as the development of the Jianyang refinery in China, of which Venezuelan state oil company PDVSA will have a 40 percent stake. Once completed, the refinery will have the capacity to process 400,000 barrels of oil a day.
The agreements will also reportedly guarantee direct investment in a range of projects in Venezuela, including infrastructure, imports and cargo transport.
Venezuelan President Nicolas Maduro has celebrated the deals as a sign of the growing solidarity between the two countries.
“China and Venezuela see each other as sister nations with a common destiny of peace, of cooperation, and mutual development,” Maduro exclaimed in a radio and TV broadcast.
“Venezuela is a country that walks with its own feet, thinks with its own head and has a soul filled with the spirituality of its history,” he added.
Founded in 2001, the Mixed China-Venezuela High Commission is considered the most important body for strengthening China-Venezuela relations, which have been invigorated under Venezuelan presidents Hugo Chavez and Nicolas Maduro.
Since then, over 480 agreements have been signed. China is now Venezuela’s second-largest trading partner.