Venezuela to boost oil sales to China

Venezuela will cooperate with China in supplying crude oil to help fulfill the Asian giant's energy demands, Venezuela President Hugo Chavez said Aug. 25 during a visit to China.

Aug. 25, 2006

By OGJ editors
HOUSTON, Aug. 25 -- Venezuela will cooperate with China in supplying crude oil to help fulfill the Asian giant's energy demands, Venezuela President Hugo Chavez said Aug. 25 during a visit to China.

During a news conference in Beijing, Chavez said Venezuela is arranging to sell 500,000 b/d to China in 5 years. In July, Venezuela exported about 155,000 b/d of crude oil to China, and Chavez said he hopes to double oil sales to China next year.

During his China visit—his fourth since 1999—Chavez signed numerous accords with China, including oil and gas agreements.

"We have advanced our bilateral relationship with China to a higher level," Chavez said. "You will see a trend of continuing increasing oil exports to China. We will supply more and more energy to China."

Last year, CNPC and Petroleos de Venezuela announced plans to work jointly to boost production in eastern Venezuela from the Junin 4 block in the Orinoco belt and from mature Zumano field (OGJ, Sept. 12, 2005, Newsletter).