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Cablegate: Chavez Announces Chinese Approval of Strategic

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E.O. 12958: N/A
TAGS: ECON VE
SUBJECT: CHAVEZ ANNOUNCES CHINESE APPROVAL OF STRATEGIC
FUND FOR CHINA AND VENEZUELA

1. On October 21, 2007 President Chavez announced Chinese
approval of a USD six billion Strategic Fund between China
and Venezuela (BRV). During a phone call from Miraflores
Palace, 21 October, 2007, to aspirants to the United
Socialist Party of Venezuela (PSUV) in the State of
Anzoategui Chavez stated USD 4 billion will be provided by
China and USD 2 billion from the BRV for "productive
investment", primarily in Venezuela. The BRV Vice Minister
of Finance, Rafael Isea, who recently returned from China,
explained that the final structure of the Fund would be
developed through a high-level mixed commission.

2. On a separate issue press reports from October 21
announced that PDVSA was considering the purchase of 13 oil
rigs from China by the end of the year.

DUDDY

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