Venezuela's President Nicolas Maduro arrived in China on Friday, his first visit in five years, to renew engagement between the two countries as China's ties sour with the West and the South American country seeks fresh financing.
and player in the OPEC member's energy industry, which has the world's largest proven crude reserves.
The two countries "closely coordinate and cooperate in international and regional affairs, firmly support each other, and jointly oppose hegemonism and unilateralism," Han told the Venezuelan delegation, according to a report from Chinese state media outlet CCTV on Friday. A rout in oil prices and falling output at Venezuelan fields meant that the cash-strapped government was forced to ask for grace periods on debt owed to China in 2016.
Previous attempts to get financing from China have failed over Venezuela's repayment capacity. But since U.S. President Joe Biden's administration has eased someon Venezuela and could continue to do so if Maduro agrees to a presidential election, PDVSA is working to boost proceeds from oil exports.
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