Venezuela-China financial relationship adds up USD 38 billion, including the agreements on the Chinese Fund (Big Volume Fund and Heavy Fund) and the loans extended to state-run Petróleos de Venezuela (Pdvsa) or joint ventures where the Venezuelan oil holding has a majority interest.

For valuable consideration of the Chinese lending, Venezuela sends around 200,000 barrels per day of crude oil, Minister of Energy and Petroleum Rafael Ramírez reported during his hearing at the National Assembly (AN).

Ramírez specified that 460,000 bpd are sent to China in the aggregate to honor commitments under the Chinese Fund. He pointed out that the target of 500,000 bpd of crude oil and byproducts intended to be shipped to the Asian giant could be reached in early 2013.

"About 200,000 barrels out of the 460,000 barrels sent by us are allocated under the agreements at market price. We do not sell at a discount to anyone, or to Petrocaribe for that matter," Minister Ramírez underscored.