Chavez offers to meet China’s oil needs for next 200 years
Bloomberg 19 February 2009
Vice-President Xi Jinping yesterday signed energy and investment agreements during a two-day visit to Venezuela, where he met Venezuelan President Hugo Chavez fresh from his election victory.
A US$6 billion bi-national development fund created in 2007 would be renewed with an additional US$6 billion, an e-mailed statement from the Venezuelan Foreign Ministry said. Beijing originally provided US$4 billion to finance projects in Venezuela in exchange for oil.
Mr. Chavez said in an address to the Chinese delegation: “All the oil China needs for the next 200 years, it’s here. It’s in Venezuela.”
Venezuela has reached out to China and Russia in an attempt to obtain financing and reduce dependence on the United States, the country’s main trading partner.
The two countries would also sign deals to increase Chinese consulting in agriculture, inaugurate a mobile-phone plant in Venezuela, and increase co-operation in telecommunications after China built and launched a satellite for Venezuela on October 29, Mr. Chavez said.
Meanwhile, Petroleos de Venezuela, the state oil company, said it had yet to hammer out a final agreement with its Chinese counterparts to set up an oil-shipping joint venture, a member of the board said.
Talks should be completed next month or in April, said Asdrubal Chavez, who is also vice-president of refining, commercialisation and supply. He said in September that the venture, to be known as CV Shipping, would be split equally between the two countries and would focus on shipping oil from Venezuela to the fast-growing Chinese market.
Mr. Xi is on a Latin America tour and visited Mexico, Jamaica and Colombia before arriving in Venezuela. Brazil would be his last stop before he returns home.
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Chavez offers to meet China’s oil needs for next 200 years
Bloomberg
19 February 2009
Vice-President Xi Jinping yesterday signed energy and investment agreements during a two-day visit to Venezuela, where he met Venezuelan President Hugo Chavez fresh from his election victory.
A US$6 billion bi-national development fund created in 2007 would be renewed with an additional US$6 billion, an e-mailed statement from the Venezuelan Foreign Ministry said. Beijing originally provided US$4 billion to finance projects in Venezuela in exchange for oil.
Mr. Chavez said in an address to the Chinese delegation: “All the oil China needs for the next 200 years, it’s here. It’s in Venezuela.”
Venezuela has reached out to China and Russia in an attempt to obtain financing and reduce dependence on the United States, the country’s main trading partner.
The two countries would also sign deals to increase Chinese consulting in agriculture, inaugurate a mobile-phone plant in Venezuela, and increase co-operation in telecommunications after China built and launched a satellite for Venezuela on October 29, Mr. Chavez said.
Meanwhile, Petroleos de Venezuela, the state oil company, said it had yet to hammer out a final agreement with its Chinese counterparts to set up an oil-shipping joint venture, a member of the board said.
Talks should be completed next month or in April, said Asdrubal Chavez, who is also vice-president of refining, commercialisation and supply. He said in September that the venture, to be known as CV Shipping, would be split equally between the two countries and would focus on shipping oil from Venezuela to the fast-growing Chinese market.
Mr. Xi is on a Latin America tour and visited Mexico, Jamaica and Colombia before arriving in Venezuela. Brazil would be his last stop before he returns home.
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