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Venezuela taps China credit line for $2.2 billion oil output push

The logo of CNPC (China National Petroleum Corporation) is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015.

Venezuela said it would tap $2.2 billion from a Chinese credit line to boost oil output at joint ventures with China National Petroleum Corp, in a boost for the South American country's struggling oil industry and a show of unity with a key ally.

CNPC, China's largest state energy group, and Venezuela's state oil company PDVSA [PDVSA.UL] will seek to boost production in the OPEC country by around 277,000 barrels per day, President Nicolas Maduro said in a televised address.

Funds will come from a credit line of up to $9 billion with China, Maduro said after a meeting with CNPC in Caracas on Thursday.

The agreement will be a boon to Venezuela's oil...


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