24 Nov '11, 11pm

Venezuela, China sign US$6b oil deals: CARACAS: Venezuela's President Hugo Chavez signed a series of oil deals w...

Venezuela, China sign US$6b oil deals: CARACAS: Venezuela's President Hugo Chavez signed a series of oil deals w...

CARACAS: Venezuela's President Hugo Chavez signed a series of oil deals with Beijing Thursday financed with $6 billion in Chinese loans payable in oil. Chavez hailed the development as a "vital" next step in a decade-old strategic alliance with the Asian giant. The goal of the joint projects is to boost oil production almost tenfold in Venezuela's Orinoco Heavy Oil Belt, a region rich in hard-to-refine tar sands, officials said. "Never before has Venezuela had such a fruitful and positive relationship with a great power like China," Chavez said in signing the agreements with a Chinese delegation led by Zhang Xiaoqianq, vice minister of China's National Development and Reform Commission. Chavez pledged to keep "pushing the relationship, which is vital for our development and independence." Under the agreements, China will provide four billion dollars in loans to a Chinese-V...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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