Chinese vice president heads to Caracas

ENERGY TECH

China buys 150 mln dollars of Costa Rican bonds
China bought a second batch of bonds of Costa Rica's internal debt for 150 million dollars, signaling a new rapprochement between the two countries, the Finance Ministry said Monday. The investment came on top of 300 million dollars in bonds China purchased on terms favorable to San Jose, the ministry noted in a statement. "The People's Republic of China has purchased the second part of bond debt for 150 million dollars, under conditions similar to those of the first tract: a period of twelve years, with semiannual interest payments and a 2.0 percent rate," the ministry said. "We are delighted to have completed this second transaction under the same conditions we made last year, following the same procedures that were analyzed and endorsed by the General Accounting Office," said Finance Minister Guillermo Zuniga. The first 150-million-dollar purchase of bonds in Costa Rica last year caused controversy after it was disclosed they had been purchased by China, which had not been initially revealed. The debt bonds were purchased by China as part of agreements to open diplomatic relations, after San Jose in 2007 broke 60 years of relations with Taiwan, which Beijing considers a rebel province awaiting reunification. Costa Rica became the first country in the region to establish diplomatic ties with China on June 1, 2007. The money "was entirely deposited in state coffers to finance major expenses, including paying foreign debt that had been agreed to on more onerous terms," the finance ministry said. The two countries launched talks in January for a free trade treaty under which the Central American nation hopes to export meat, plants, fruit and coffee to the Asian giant. China has spent tens of millions of dollars in bilateral aid agreements, ranging from scholarships for university students in Costa Rica to the building of a new stadium in San Jose. Photo courtesy of AFP.

by Staff Writers
Caracas (AFP) Feb 16, 2009
Chinese Vice President Xi Jinping will begin Tuesday a two-day official visit in Caracas, as part of his ongoing tour of Latin America to strengthen relations with the region.

Xi is expected to sign several agreements with Venezuela, including "joint ventures with Petroleos de Venezuela (PDVSA) for the exploration, exploitation, processing, refining and transportation of crude oil," the Venezuelan foreign ministry said in a statement.

"Today, we have a long-term strategic alliance for the next 100 years for the joint production of oil," said Foreign Minister Nicolas Maduro.

China is expected to inject four billion dollars into a Chinese-Venezuelan investment fund created in 2007 with initial capital of six billion dollars.

"This fund will provide Venezuela with sources of financing for development projects and to maintain economic growth for the next two or three years, amid the global crisis," Maduro said.

The Chinese official's arrival in Venezuela will coincide with the 35th anniversary of the establishment of diplomatic relations between Caracas and Beijing.

Historically cordial, these relations have strengthened since 2001, after both nations "established a strategic partnership for joint development," said Zhang Tuo, China's Ambassador to Caracas.

This rapprochement has helped increase bilateral trade, which peaked at nearly 10 billion dollars in 2008, according to Zhang.

Last year, Venezuela launched its first geostationary satellite thanks to cooperation with China.

The Asian giant currently imports about 364,000 barrels of crude oil per day from OPEC member Venezuela, a figure expected to rise to 500,000 barrels in late 2009.

The two countries have also expanded their military ties. Caracas recently purchased a fleet of 18 K-8 reconnaissance and training aircraft from Beijing.

Xi's agenda in Venezuela includes several ceremonies and meetings with leading politicians and businessmen.

Venezuela is Xi's second stop in Latin America after first visiting Mexico and Colombia, where on Monday he signed seven cooperation agreements to boost bilateral trade.

After Venezuela, Xi will visit Brazil.

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Analysis: Nigerian oil protests intensify

Miami (UPI) Feb 12, 2009
Nigerian oil workers are delaying their strike amid hopes of federal government action in response to protests against unsafe working conditions in the Niger Delta, caused by the ongoing violence wrought by armed militant groups and gangs, which has increased in recent weeks to include high-profile kidnappings.

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