Venezuela signs oil deal with China

Venezuela has signed deals to supply oil to China as part of a drive by Hugo Chavez, the south American nation's president, to break his dependence on energy exports to the United States.

Venezuela signs oil deal with China

Venezuelahas signed deals to supply oil to Chinaas part of a drive by Hugo Chavez, the south American nation's president,to break his dependence on energy exports to the United States.

Venezuela will double its exports to China by sending300,000 barrels per day of crude in 2007, officials said at asigning ceremony in Caracas on Monday.

 

 

"Venezuelahas always said it wants to turn itself into a secure and increasing source ofoil supply to China,"Chavez said at a gathering marking the visit of Li Changchun, a member of China'sPolitburo Standing Committee.

 

 

Chinais the world's second biggest oil consumer.

Venezuela saysit pumps about 3.3 million barrels of oil per day (bpd) althoughanalysts say the figure is about 2.7 million.

It is the fifth-largest oil exporter to the United States.

Big business

Last year, the Opec nation sold only 150,000 bpd of crude toChina.

Chavez has said Venezuela is looking to ship onemillion bpd there by 2012.

China isalso planning to develop the heavy crude of Venezuela'sOrinoco Belt and work jointly with Venezuela on building refineriesand tankers.

Venezuelais forging oil co-operation with countries such as Iran,China and Russia whilestripping US corporations such as Conoco Phillips, Chevron and Exxon Mobilof their majority stakes in Venezuelan projects.

Chavez said Chinahad given its approval to a $6bn fund for development work in Venezuela.

Chinawill supply $4bn with Venezuelacontributing the remaining $2bn.

Source:Agencies

Güncelleme Tarihi: 20 Eylül 2018, 18:16
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