Venezuela, a country scarred by “U.S.-backed coups,” as described by the BRICS Post has been one of the most active countries in Latin America to start steering away from U.S. relations and seeking partnerships with other countries.
This past July, Chinese President Xi Jingping, like Russian President Vladimir Putin, toured around Latin America affirming and creating mutual trade relations within the region. XI and Venezuelan Socialist President Nicolas Maduro met in Caracas to discuss bilateral funding and their trade agreements.
Just last year Xi and Maduro signed 24 agreements during Maduro’s visit to China, where in 2013, bilateral trade between the two had reached $19.2 billion according to a BRICS Post analysis. Maduro has attended BRICS meetings and supports the development of further BRICS and UNSAN (Union for South American Nations) relations and negotiations. Maduro hopes the two can grow to be a “working alliance.”
Venezuela has one of the most prominent oil industries in Latin America and in recent times has been widely turned to as an alternate oil source, China being one of these alternate partners. Venezuela is one of China’s main oil exporters. Venezuelan state oil company PDVSA has about a 40% investment in an oil processing plant in the Guangdong province of China. China has also been funding other projects as well for Venezuela, like funding the launch of two satellites for the country and working on the launch of a third one.