China Wants More Latin American Oil

WorldEnergyNews.com
Friday, April 25, 2014

China might be slowing economically but it still wants to buy more oil from Latin America and invest in infrastructure in the region, with a presidential visit planned for July, Chinese and Brazilians officials said on Friday.

As host of the 2014 soccer World Cup, Brazil is hoping Chinese President Xi Jinping, who is known to be a fan of the sport, will attend the final game on July 13 in Rio de Janeiro's legendary Maracaná stadium.

Brazilian President Dilma Rousseff recently said Brazil's partners in the BRICS group of leading emerging nations asked for the summit that she will host be rescheduled for two days after the World Cup so their leaders could attend.

Chinese Foreign Minister Wang Yi, on a one-day visit to Brasilia on a Latin American swing, did not confirm Xi would accept Brazil's invitation to attend the World Cup final.

Wang reinforced China's interest in setting up a fund to increase investment in infrastructure that is lacking in Latin America, where China gets much of its raw materials, such as iron ore, oil and soy beans.

"There is great potential for further oil cooperation with Latin America. We will like to set up long-term partnerships, especially with Venezuela and Brazil," Wang said at a news conference.

Brazil's Foreign Minister Luiz Alberto Figueiredo said the BRICS nations expect to announce the capitalization of a BRICS development bank at the leaders' summit to be held in the northern Brazilian city of Fortaleza in mid-July.

BRICS nations are moving to create their own bank and fund to challenge the influence of other groups under the control of developed nations, such as the International Monetary Fund.

Both China and Brazil want to see the U.S. Congress approve reforms that other nations agreed to in 2010 that would increase the IMF's lending capability and increase the influence of China and Brazil and other growing economies at the IMF.

(Reporting by Alonso Soto and Anthony Boadle; Editing by Lisa Shumaker)

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