China, Venezuela step up energy cooperation

0 Comments | AFP, September, 2008

BEIJING (AFP) — China and Venezuela signed several energy agreements in Beijing on Wednesday that will allow the South American country to export half a million barrels of oil a day to the Asian giant from 2009.

The agreements are part of a three-day visit by Venezuelan President Hugo Chavez to China that began on Tuesday, aimed at developing cooperation with Beijing, which it calls a "strategic ally."

Venezuela, the fifth exporter of crude oil in the world, currently only represents 4 percent of Chinese imports of the product.

"Currently, we have 364,000 oil barrels a day and by 2009 we will get to 500,000," said Venezuela's energy minister Rafael Ramirez, after 12 accords were signed in the presence of Chavez and Chinese President Hu Jintao.

The...