Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Venezuela to borrow $4 bln from China, pay in fuel

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 06:11 PM
Original message
Venezuela to borrow $4 bln from China, pay in fuel
Source: Reuters

UPDATE 2-Venezuela to borrow $4 bln from China, pay in fuel
Tue Nov 6, 2007 7:48 PM GMT


By Brian Ellsworth

CARACAS, Nov 6 (Reuters) - Venezuela agreed on Tuesday to borrow $4 billion from China and repay the loan with fuel, as leftist President Hugo Chavez boosts ties with the Asian economic powerhouse and seeks distance from the United States.

The former soldier has worked to reduce the OPEC nation's traditionally close ties with the United States, which depends on Venezuela for some 12 percent of oil imports, through a self-styled socialist revolution that promises to end U.S. "imperialism."

Chavez and representatives of China's development bank signed an accord to create a $6 billion investment fund that will finance development projects in Venezuela.

"This contract has the goal of supplying fuel oil to the Chinese market to repay the financing by the China Development Bank," said a government official who announced the contracts during a televised ceremony.



Read more: http://investing.reuters.co.uk/news/articleinvesting.aspx?type=oilRpt&storyID=2007-11-06T194819Z_01_N06405352_RTRIDST_0_VENEZUELA-CHINA-LOAN-UPDATE-2.XML



You will notice the media campaign against the Venezuelan government has just been accelerated by Reuters, calling them the "communist country" in paragraph #5.

This is the first time I've seen this term concerning Venezuela appearing anywhere. It would be good to know who made this decision.
Printer Friendly | Permalink |  | Top
aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 06:17 PM
Response to Original message
1. Who owns Reuters now?
Printer Friendly | Permalink |  | Top
 
HiFructosePronSyrup Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 06:18 PM
Response to Original message
2. I borrowed gas from the gas station today, repaid with cash.
wtf?
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 06:49 PM
Response to Reply #2
3. Venezuela has been making alternative and adjusted arrangements for oil LONG BEFORE Chavez
took office in 1999.

In the 1980's, Venezuela and Mexico started selling oil to 12 Caribbean and Central American countries at discounted prices in the San Jose Accord. Later, Cuba was added per the Caracas Pact.

Creative financing, alternative pricing seem to be something which works for them, having somewhat more complex needs and resources than one individual person.
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 07:12 PM
Response to Original message
4. CNN's article from Dow Jones is less sensationalized.
Venezuela, China Govts Create $6 Billion Joint Development Fund

November 06, 2007: 06:04 PM EST


CARACAS -(Dow Jones)- Venezuela and China officially established on Tuesday a $6 billion bilateral fund to finance projects in both nations, the Venezuelan government said in a press release.

The Chinese government will put $4 billion into the fund, while the Venezuelan government will be responsible for $2 billion. The new fund could have up to $18 billion in resources in nine years, according to the press release.

The fund was created between Bandes, the Venezuelan development bank, and the China Development Bank, according to the press release.
The fund will help finance infrastructure and energy projects as well as social programs, the press release said.
(snip)

The two countries signed an oil transportation accord that would lower the cost of shipping oil to Asia. Venezuela plans to sell 500,000 barrels of crude a day to China next year, up from this year's 350,000 barrels a day.

State oil company Petroleos de Venezuela SA, or PdVSA, will continue to increase its oil exports to the Asian country until it reaches 1 million barrels a day of crude and related products between 2010 and 2011, the information ministry said in a press release.

Chavez has previously vowed to create a joint company to manufacture oil rigs that can help Venezuela rely even less on foreign service companies. In the interim, PdVSA struck a $198 million deal to buy 13 rigs from China, the first two of which are expected to arrive in Venezuela this month.

More:
http://money.cnn.com/news/newsfeeds/articles/djhighlights/200711061804DOWJONESDJONLINE000742.htm
Printer Friendly | Permalink |  | Top
 
RantinRavin Donating Member (423 posts) Send PM | Profile | Ignore Tue Nov-06-07 07:24 PM
Response to Original message
5. They are referring to China being communist, not Venezuela
"and the communist country is scouring the globe to secure increasingly scarce oil reserves."
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 07:48 PM
Response to Reply #5
6. Thanks for taking the time to tell me I was mistaken. I truly hadn't read it closely enough.
I saw the term and jumped to a conclusion I'm very glad was wrong about Reuters. Thank you.

Welcome to D.U., RantinRavin. :hi: :hi: :hi:
Printer Friendly | Permalink |  | Top
 
cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 08:02 PM
Response to Reply #6
7. Well, I don't blame you for being suspicious.
I think every time they write about Señor Chavez, they always throw in an adjective. They just can't help themselves. Adjectives like

"Strong Man"
"Dictator"
"Leftist"
"Firebrand"
"Extremist"

Just imagine, Bush calls Pervez Musharraf "PRESIDENT" when this Dude took over in a military coup. And yet Chavez who was democratically elected, is called "DICTATOR". Just goes to show Ya Hypocrisy knows no bounds.
Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 08:19 PM
Response to Reply #7
9. Yup. Every time they mention Bush, they should say, "the rightwing President of the U.S.,"
or "the fascist President of the U.S.," or "the unelected President of the U.S." And, since almost every time they mention Hugo Chavez, they add "friend of Fidel Castro...," when they mention Bush, they should add, "friend of Prince Bandar...".

But they won't. Nope. They won't. Sad to say.
Printer Friendly | Permalink |  | Top
 
ohio2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 08:11 PM
Response to Original message
8. Borrow ? Isn't that mortgaging the future?
maybe not but what rate have the Chinese been locked in on the price of a bbl over the life of the "loan" ?

-just saying
Printer Friendly | Permalink |  | Top
 
Strelnikov_ Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 08:22 PM
Response to Original message
10. Beware Chinese bearing dollars . . .
they are looking to dump.
Printer Friendly | Permalink |  | Top
 
Clanfear Donating Member (260 posts) Send PM | Profile | Ignore Tue Nov-06-07 09:08 PM
Response to Reply #10
11. Venezuala has got major economic problems
They need all of the Chinese help they can get.

Off topic, but I was not aware Chavez and his government were anti-semites. I guess buddying up to Ahmadinejad should make it no surprise.
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 10:14 PM
Response to Reply #11
13. Yes it is off topic, and it's a lie. Provide your source along with your charge, please. n/t
Printer Friendly | Permalink |  | Top
 
Clanfear Donating Member (260 posts) Send PM | Profile | Ignore Thu Nov-08-07 11:03 AM
Response to Reply #13
16. The Chavez Regime: Fostering Anti-Semitism
http://www.adl.org/main_International_Affairs/venezuela_anti_semitism_report.htm?Multi_page_sections=sHeading_10

Responses of the Venezuelan Jewish Community

The Confederation of Israelite Associations of Venezuela (CAIV), the umbrella organization representing the Jewish community in Venezuela, has been active in documenting and denouncing the recent escalation of anti-Israel and anti-Semitic rhetoric from the Chavez government. The CAIV held solidarity rallies, issued statements rejecting the anti-Israel government declarations and stating their disapproval of Iranian President Mahmoud Ahmadinejad's visit to Venezuela. The group also offered a seminar for media professionals to educate them on the Middle East conflict.

January 31, 2006: After Chavez's controversial December 2005 speech, the CAIV arranged a meeting with the president in which they presented a dossier documenting anti-Semitic reports in the government media. The CAIV also requested that the president closely monitor the transmission of anti-Semitic remarks on state broadcast media.


http://www.adl.org/main_International_Affairs/venezuela_anti_semitism_report.htm?Multi_page_sections=sHeading_1

This report details a number of troubling trends observable in the government of Venezuelan President Hugo Chavez. Chavez and his government-affiliated institutions have elevated their anti-Zionist and anti-Semitic rhetoric – under the guise of anti-imperialism and anti-Americanism – to dangerous new levels.

At the same time, a proliferation of anti-Jewish statements and actions by government officials, university faculty and government-sponsored media outlets has created a spillover effect into mainstream society in Venezuela, where anti-Israel rallies, anti-Semitic vandalism and vicious anti-Jewish caricatures have become all-too commonplace.

A little political artwork in government sponsored rags.







Other:




http://jta.org/cgi-bin/iowa/breaking/105089.html

Israel eyes Venezuelan Jews

Published: 11/04/2007


Venezuela's Jews are afraid and should get help immigrating to Israel, a senior Knesset member said.

Effi Eitam of the right-wing National Religious Party returned from a low-profile visit to Venezuela over the weekend with an ominous report about the Latin American country's 12,000 Jews.

"They're asking for help," he told the daily Ma'ariv on Sunday. "They know they are living on borrowed time there but are afraid of showing signs of panic."


Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 09:35 PM
Response to Original message
12. This article is extraordinarily bigoted, even for Reuters (which has been so-o-o-o
bad lately). (I used to think they were a cut above the others--no more!)

Sentence #1: I'll leave "leftist President" alone this round.

Sentence #2: "The former soldier...". (WTF? How about they describe Bush as "the former National Guard shirker"?)

Sentence #2: "...through a self-styled socialist revolution that promises to end U.S. 'imperialism.'" (A "self-styled" socialist revolution? What do they think he was elected president of--his bathroom? Christ.) (And putting "imperialism" in quotes tells us exactly what these snotbags think of the invasion and occupation of Iraq. Not imperialism. Rightful re-possession of white men's oil, over the dead bodies of half a million innocent people.)

Sentence #5: "Chavez has promised to more than double oil and fuel shipments to China as crude prices roar toward $100 per barrel and the communist country is scouring the globe...". (Bad writing! Easy to be confused about "the communist country." And anyway China is not communist anymore. It's fascist.)

(I'll skip over the confusion and misinformation about the deal itself. Bad writing! Deliberate?)

Sentence #7: "...to help finance Chavez's massive social development crusade that has been key to him winning the support of Venezuela's poor and repeatedly sweep elections." ("...crusade"? Since when is building schools and medical centers for needy people not the normal duty of a decent government? And why, pray, would it need to be "massive" and a "crusade"? Could it be because the selfish, greedy, rich oil elite in Venezuela, cozened and bribed by global corporate predators, neglected to build schools for the poor, and didn't give a fuck about their medical care? And these writers could certainly use some time in grammar school themselves. Their parallelism of "winning support" and "sweep elections" is wrong (--a missing "ing"--re: "sweeping"). But perhaps they were just so hot to make their point, that Chavez is buying the love of the poor, that they couldn't even write a fairly simple English sentence. So many lies to tell; so little time.)

Sentence #8: "...a constitutional overhaul that will allow him to remain in office indefinitely." (No, it's a constitutional amendment that will allow him to RUN FOR OFFICE for a third term, and be VOTED up or down, BY THE PEOPLE, just as our own FDR received the vote of the people for FOUR consecutive terms as president. FDR died in his fourth term. He was "president for life." So what? "...will allow him to remain in office indefinitely" implies that what is happening is somehow undemocratic, when, in fact, the proposal has been widely discussed in Venezuela for months (for years, in truth), was debated and voted on by the National Assembly, and now is being put to A VOTE OF THE PEOPLE, and, if it passes, THEN Chavez can run for office again, if he chooses, and "remain in office" IF THE PEOPLE SAY SO.

Overall: Besides all the hot button words for Chavez, and the implication, once again, that his support is not genuine--that he is a "dictator"--and that he is doing something TO Venezuela (bamboozling the poor) rather than doing something FOR Venezuela (doing the will of the people, as their elected president), they are also, in this piece, carefully constructing an impression of this Venezuela-China deal as irresponsible, profligate, and somehow wasteful and wild-eyed (--for instance, "borrowing record amounts of money" to finance "a crusade.") But it is the writers and editors of this piece who are irresponsible--even toward their own investor and business readers, providing a false picture of the nature of Chavez's support and of his policies.

This emotionally colored, propagandistic writing--which seethes with hostility toward the people of Venezuela and THEIR Bolivarian revolution--will not serve Reuters well, in the end. Readers who want and need REAL information will begin turning elsewhere. And Reuters will go the way of RCTV, which tried to convince Venezuelans, in 2002, that Chavez had resigned his office, that Chavez supporters were shooting and killing people in the streets, and that the fascist military coup that was taking place was a fait accompli--they might as well get used to it. Hundreds of thousands of Venezuelans just ignored these lies--they knew this was false information--and poured into the streets, in support of their suspended Constitution and their kidnapped president, and stopped the coup in its tracks. Chavez owes the people of Venezuela for his life, and for whatever power he possesses. And that is at it should be, with politicians. These corporate journalists don't seem to know this history, or seem to have forgotten what democracy is all about.

-------------------------


Stay alert. Read with a critical eye. Note the hot button words. Ask yourself how many times a day, in how many ways, this Stalinst "Big Lie" technique is being used to convince you that poor people shouldn't be bought--only rich people should be.

Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 10:27 PM
Response to Reply #12
14. Where have these people been all this time since 2002, that they NEVER noticed the truth, or cared?
Edited on Tue Nov-06-07 10:33 PM by Judi Lynn
The truth, of course, about what happened in Venezuela at the time of the oligarchy/Bush coup, and the forcible kidnapping of Hugo Chavez.

Your description of the media coverage up to and including this assault on the people's President is vivid, and accurate:
....RCTV, which tried to convince Venezuelans, in 2002, that Chavez had resigned his office, that Chavez supporters were shooting and killing people in the streets, and that the fascist military coup that was taking place was a fait accompli--they might as well get used to it. Hundreds of thousands of Venezuelans just ignored these lies--they knew this was false information--and poured into the streets, in support of their suspended Constitution and their kidnapped president, and stopped the coup in its tracks.
I can only hope a similar part of this country will also be awakened in time to help pull the country back from the brink.
Printer Friendly | Permalink |  | Top
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 10:36 PM
Response to Original message
15. Venezuela, China create $6 billion joint development fund
Venezuela, China create $6 billion joint development fund

By Darcy Crowe
Last Update: 7:12 PM ET Nov 6, 2007

CARACAS (MarketWatch) -- Venezuela and China officially established on Tuesday a $6 billion bilateral fund to finance projects in both nations, the Venezuelan government said in a press release.

The Chinese government will put $4 billion into the fund, while the Venezuelan government will be responsible for $2 billion. The new fund could have up to $18 billion in resources in nine years, according to the press release.

The fund was created between Bandes, the Venezuelan development bank, and the China Development Bank, according to the press release.

The fund will help finance infrastructure and energy projects as well as social programs, the press release said.

More:
http://www.marketwatch.com/news/story/venezuela-china-create-6-billion/story.aspx?guid=%7BA11A6BCC-6EFD-438D-8603-57246D6F29B5%7D
Printer Friendly | Permalink |  | Top
 
Mudoria Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-08-07 12:29 PM
Response to Original message
17. Should be in the Latin American forum and not
clogging up LBN.
Printer Friendly | Permalink |  | Top
 
EFerrari Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-08-07 12:38 PM
Response to Original message
18. Why don't they ever call Bush "the radical right wing president"?
:shrug:
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed May 01st 2024, 06:36 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC