Chavez: China to invest more in Venezuelan oil (AP) Updated: 2006-08-21 08:52
CARACAS, Venezuela -- China will boost investment in Venezuela under a
series of accords covering oil exploration, telecommunications, railways and
other industries, President Hugo Chavez said Sunday as he prepared for a trip to
Beijing.
Chavez - who departs for China on Monday - read off a list of
agreements to be signed this week, saying they include plans for Chinese help in
setting up farm irrigation systems and a national fiber-optic communications
network.
"China's investments in Venezuela are increasing," Chavez said
during his weekly TV and radio program, "Hello President."
He also said
China will cooperate with Venezuela's state oil company, Petroleos de Venezuela
SA, on an oil project in the Orinoco River basin and also help explore for oil
offshore.
Chavez, whose country is the world's No. 5 oil exporter,
reiterated that he will finalize a deal to buy oil tankers from China and that
Venezuela will be able to manufacture parts for the ships and perform
maintenance at its own shipyards. He also plans a deal to buy 12 Chinese-made
oil drills and to assemble 12 more in Venezuela at a new, jointly owned factory.
Chavez said Sunday that other accords to be signed with China include
plans for rehabilitating a gold mine, manufacturing computers and building
railway lines. He added that Venezuela hopes to install a plant to produce train
cars and track, apparently with Chinese assistance.
Officials say
Venezuela currently sells 150,000 barrels a day of oil to China, and plans to
increase that amount to 200,000 by year's end.
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