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Chinese leader Xi Jinping wraps up his 3-day visit to Cuba with a major oil deal. Xi and Cuban leader Raul Castro have signed an agreement for the Chinese regime to expand a Cuban oil refinery.
The venture—expected to cost China 6-billion U.S. dollars—is seen as a major step forward in the Chinese regime's endeavor to foster closer economic ties with Cuba.
The project will increase oil production of 65,000 up to 150,000 barrels a day.
The Chinese regime agrees to offer Cuba new credit, and outline a five-year cooperation plan between the two communist countries.
Trade relations between the two countries are thriving. With bilateral trade last year reaching nearly 2-billion U.S. dollars, the Chinese regime is Cuba's second biggest trade partner, after Venezuela.
The Chinese regime is keen to boost economic ties with Cuba—and has become the lender of last resort for debt-ridden Cuba. China has been hit by severe droughts that threaten to reduce power production; so Chinese leaders are actively seeking to have more Cuban oil.