Venezuela, China sign agreements to boost energy sector

The Venezuelan government has signed agreements with Chinese companies to boost Venezuela's energy sector which has remained without any renovation for over 30 years, a media report said.

At a televised ceremony attended by Venezuelan President Nicolas Maduro, energy sector officials and various companies signed accords Monday 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," Xinhua quoted President Maduro as saying.

Among the Chinese companies that signed contracts was Zhejian Yankon Group, whose representatives promised that with its technology Venezuela's electricity consumption would drop by around ten percent.

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

The joint ventures will be set up in "special economic zones", Maduro said.

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