The South American Country of Venezuela is working on reducing the dependence on US for its survival. Now it has signed a 16 billion US dollars long term oil deal with China, for exploring in the Orinoco river belt. The three year deal is expected to improve the crude oil production by Venezuela substantially, and also assure it of ready off-take by China.
For China, the deal is expected to secure part of it’s future energy requirement in advance. And both the countries would be able to reduce their dependence on US for the economic activity.
China signs 16 billion oil deal with Venezuela