Venezuelan Oil Exports to China to Increase Five-Fold

[NNN0LHI]

http://www.venezuelanalysis.com/news.php?newsno=1756

Caracas, Venezuela, September 15, 2005—President Chavez announced, following a meeting with Chinese business representatives, that Venezuela will seek to increase its oil exports to China from 60,000 barrels per day to 300,000 per day—a five-fold increase—by next year. This increase will not decrease Venezuela’s exports to the U.S., explained Chavez.

The meeting between Venezuelan government officials and Chinese business representatives took place in Caracas and closed with the signing of a wide-ranging agreement to expand trade and technology transfer between the two countries. Last year trade between Venezuela and China was $1.4 billion and is expected to reach $2.4 billion for 2005, which is the highest level of trade ever between the two countries.

Among the six main agreements the two sides signed, one involved the creation of a computer manufacturing company, which would build computers in Venezuela’s free trade zone in the state of Falcón. “This will help cover internal demand for this type of equipment, lower costs, and establish a technological pole in this region,” said Gustavo Marquez, the Minister for Integration and Foreign Trade. Other agreements involved health and agriculture.


Venezuela also committed itself to supply China with 1.8 million barrels of fuel oil, for electricity generating plants, once every two months.

[Brother Buzz]

1. I think Venezuela just quietly told the US to go on a diet.

:shrug: