VENEZUELA will receive a loan of US$5 billion from China in the coming months for crude oil projects, a director at state-owned Petroleos de Venezuela said Tuesday.

    China has become Venezuela’s principal financier over the last decade, lending more than US$46 billion to be repaid in oil.

    “It is being discussed right now and will come within a few months,” Orlando Chacin, vice president of exploration and production at PDVSA, said.

    The resources should help the oil company as it handles the severe impact of the drop in crude prices. Oil makes up 96 percent of the country’s foreign income.

    (SD-Agencies)