Chavez: China to Become a Top Oil Client - AP

[Eugene]

Chavez: China to Become a Top Oil Client
President Hugo Chavez Says China to Become a
Top Venezuelan Oil Customer Alongside U.S.

CARACAS, Venezuela Mar 23, 2007 (AP)— President Hugo
Chavez said China is set to rival the United States as
Venezuela's top oil buyer as he announced new plans with
the Asian powerhouse to jointly ship oil, build refineries and
expand crude production.

Chavez, speaking Friday after meeting with an official from
the state-owned China National Petroleum Corp., told reporters
that, "As a power, the United States is going down, while China
is moving up."

Chavez said Venezuela was on track to reach its goal of raising
oil sales to China to 1 million barrels a day by 2012 from its
current level of about 150,000 barrels a day.

-snip-

"We do not deny what a big market the United States is one we
have maintained and are resolved and interested in maintaining,
as well as our refineries there and our great company, Citgo
(Petroleum Corp.)," he said. "But now Venezuela is diversifying."

-snip-

Read more: http://abcnews.go.com/Business/wireStory?id=2978269