China to buy more oil from South America

Venezuela's Hugo Chavez to visit China
AP * Buzz Up * Send o Email o IM * Share o Delicious o Digg o Facebook o Fark o Newsvine o Reddit o StumbleUpon o Technorati o Yahoo! Bookmarks * Print * 2009 Predictions for Oil Prices Play Video Energy & Oil Video:2009 Predictions for Oil Prices FOXBusiness * Why gas prices creep up, despite dropping oil prices Play Video Energy & Oil Video:Why gas prices creep up, despite dropping oil prices WWL-TV, Channel 4 New Orleans

Related Quotes Symbol Price Change
^DJI 7,817.99 -157.86
^GSPC 821.17 -14.31
^IXIC 1,578.69 -28.02
Sun Apr 5, 2:49 pm ET

BEIJING Venezuelan President Hugo Chavez will pay a two-day visit to China starting Tuesday, the Foreign Ministry in Beijing said.

No other details of the visit were given in a brief ministry statement issued Sunday, although Chavez has said he plans to hold talks with Chinese President Hu Jintao.

Venezuela sees China as a partner in diversifying oil sales away from the United States, which buys about half the South American nation's heavy crude despite political tensions. The two countries plan to build four oil tankers and three refineries in China capable of processing Venezuelan crude.

China and Venezuela have invested in a $12 billion fund to finance joint development projects in areas including oil production, infrastructure and agriculture and to boost Venezuelan oil exports to China from 330,000 barrels to 1 million barrels a day by 2015.

The visit by Chavez follows a sweep through the Middle East last week, including a stop in Iran where he said on Wednesday that he has little hope of better relations with Washington under President Barack Obama because the United States was still acting like an "empire" in his eyes.

Category:

News & Politics

Tags:

• china
• oil
• venezuela
• south
• america
• latin
• beijing

[erictjie]

viva chavez! down with the capitalists!

[Metsada007]

@millions20101

America is "dangerous", not China or Venezuela.

[karenl1234]

since this report I think russia and china both have pipelines

[millions20101]

this 2 countries are dangerous and more to come they will govern the world... well come to new world order.

[Omega3chimp]

how come no south American countrys produce olive oil thou?

[kessmypersainass]

its about time we pay attention to these crooks,we comeing for you chavez!!! lol