China and Venezuela are working on a new dimension of their comprehensive strategic partnership, promising to set an "international example of cooperation," a senior Venezuelan official has said.
Both countries have transcended the vision of simple trade exchanges and are now focusing on "intertwining their development schemes," Vice President for Planning and Knowledge Ricardo Menendez said in a recent interview with Chinese media.
China is playing a vital role in Venezuela's much desired economic diversification due to the fall in oil prices, Menendez said.
"Venezuela is betting on a future and in this future, China will permanently be there. This future is characterized by the Bolivarian Economic Agenda which is the road map that we have drawn up to face this (economic) crisis and in order to change our country's production model," he said.
Venezuela has signed nearly 400 cooperation agreements with China in the energy, oil, education, health, technology, trade, housing, agriculture, infrastructure, industry, culture and sports, among others.
Now the two countries are focusing on new areas of development.
"Recently, we have incorporated new areas of interest such as mining, specifically in the case of gold, iron and steel. We also want to incorporate coltan and aluminum, where China-Venezuela cooperation" has seen strides, said Menendez.
The new areas also include infrastructure development. China will eventually participate in projects involving building oil and gas pipelines, deep water ports, storage spaces and roads, according to Menendez.
Furthermore, Menendez said the sharp fall in the price of crude oil has not been an impediment for Venezuela when it comes to fulfilling its commitments to China in the energy sector. Venezuela is even working with China right now on designing new investment models in the oil industry.
The South American country supplies China with nearly 600,000 barrels of oil a day as part of a strategy to diversify its market.
"We are going to continue to be secure oil suppliers for China. We are going to guarantee all the oil that China requires for its development. During times of drastic reduction in international oil prices, we did not breach any of our commitments in terms of supply," said Menendez.
