Venezuela oil sector, which is in a very depressive state today, can get financial support from China, Bloomberg informs.

The meeting between China Development Bank, China National Petroleum Corporation and Venezuela Ministry of Finance took place recently. China Development Bank is going to invest more than $250 million to increase oil production in Venezuela.

Countries will sign a few agreements within next few weeks.

Oil output in Venezuela was on average 2,9 million barrels a day in 2013. In June it fell to 1,36 million barrels a day.

Although country’s leader promises to raise production by 1 million barrels, however, critics predict reduction in output to 1 million barrels a day by the end of 2018.