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Andean Group - September 2019

Economic Highlights

VENEZUELA | Maduro underlines alliance with China amid US sanctions. On 8 August Venezuela’s de facto President Nicolás Maduro hailed the significance of Venezuela’s alliance with China when announcing the beginning of the ‘José Antonio Anzoátegui’ petrochemical plant expansion project. Located in the north-eastern state of Anzoátegui, the project, which will add 165,000 barrels of oil per day to Venezuela’s national crude production, involves a joint investment by Venezuela’s state-run oil firm Pdvsa and China’s National Petroleum Company (CNPC) that exceeds US$1.86bn. In an official Pdvsa statement Maduro said the basis of China-Venezuela relations is built on “mutual respect and constant dialogue” between the two countries. The announcement came four days after US President Donald Trump signed an executive order freezing all of the Venezuelan government’s assets in the US in a new attempt to try to “directly target the former Maduro regime and those who support it” – the latest in a series of sanctions targeting the Maduro administration.

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