Venezuela signs agreements with China to boost energy sector

The Venezuelan government signed agreements on Monday with Chinese companies to boost Venezuela's electric energy sector which has been severely affected since 2010 after more than 30 years without renovation.

At a televised ceremony attended by Venezuelan President Nicolas Maduro, energy officials and various companies signed accords to create joint ventures to produce LED bulbs and maintain public lighting.

"None of these agreements can stay solely on paper, we have the money, the place to start up the factory and the technology to have these bulbs and luminaries installed in the shortest time possible," said Maduro.

Among the Chinese companies that signed contracts was Zhejian Yankon Group whose representatives promised that with its technology, Venezuela would save around 10 percent of its electricity consumption.

"This agreement is one of many that will be done with China to consolidate our national economic development in 2015," Maduro said.

Maduro said the joint ventures will be set up in "special economic zones" which he has recently approved.

Since Chinese President Xi Jinping visited Caracas in July, China and Venezuela have signed various cooperation agreements of mutual benefit.

Last week, Venezuelan Vice President of Economy and Finance Rodolfo Marco Torres visited China to further promote bilateral cooperation.