49 percent. Financing for the project is from the China Development Bank, with Sinosure, the Chinese Export and Credit Insurance Corporation, providing guarantees. Oil SINOPEC, the Chinese state oil company, has an agreement with state-owned CUPET (Cuba Petroleum) to develop oil resources. As of mid-2008, SINOPEC had done some seismic testing for oil resources on the island of Cuba, but no drilling. The company also has a contract for joint production in one of Cuba's offshore areas of high potential yield, off the coast of Pinar del Río, but had done no off-shore drilling as of mid-2008. In November 2005, PetroChina Great Wall Drilling Co., Ltd. and CUPET held a ceremony for the signing of two drilling service contracts, to provide di; Great Wall Drilling has provided drilling rigs for oil exploration on Cuba's north coast. Biotechnology In December 2005, the two countries signed an agreement to develop biotech joint ventures within the next three to five years. Two manufacturing plants using Cuban technology and processes, were operating in China as of early 2006. Political and military relations In 1912, the Cuban government established relations with the Beiyang government of the Republic of China in Peking. This continued with Nationalist government in Nanking and Taipei after losing most of its territory. Both countries were allies in both World War II and the Korean War. From September 1960, post-revolutionary Cuba shifted recognition to the People's Republic of China. In the late 1990s, China provided the Cuban government with equipment to block signals from Radio Martí. Chinese president and Party general secretary Hu Jintao visited Cuba in November 2004, and Chinese president and Party general secretary Xi Jinping visited Cuba in July 2014. Chinese personnel have been operating two intelligence signal stations in Cuba since early 1999. Cuba was one of 53 countries, that in June 2020, backed the Hong Kong national security law at the United Nations. Other areas of cooperation In 2004, China opened a local Confucius Institute in Havana. Scientific and technical exchange and innovation in the industrial and agriculture sectors Cultural exchanges Medical, education and training exchanges Energy and transport infrastructure Resident diplomatic missions China has an embassy in Havana. Cuba has an embassy in Beijing and consulates-general in Guangzhou and Shanghai. See also Caribbean–China relations Chinese Cubans Belt and Road Initiative Foreign relations of Cuba Foreign relations of China References Further reading Jiang Zemin, The Future of