Venezuela plans to more than triple its oil exports to China over the next five years, Venezuelan President Hugo Chavez said ahead of a meeting Thursday with his Chinese counterpart Hu Jintao (胡錦濤).
"On the whole, production will increase in such a way that we will manage to export half a million crude barrels [a day to China] in the five next years," Chavez told Venezuelan state television in an interview broadcast overnight.
Venezuela, the fifth-biggest exporter of oil in the world, currently delivers 150,000 barrels per day to China, compared with 1.5 million barrels it exports to the US.
Chavez, one of the world's most prominent critics of the US, repeated his intentions to make China one of his nation's biggest markets, and so lessen Venezuela's economic dependence on Washington.
"We will convert ourselves into one of the large oil exporters to the Chinese giant," Chavez said.
He said agreements would be signed with state-owned China National Petroleum Corp and China Petroleum and Chemical Corp (Sinopec) yesterday to jointly exploit his country's oil-rich Orinoco region.
Deals to be signed
Chavez said he was excited about building a strategic alliance with China and said the two nations were expected to sign nine agreements yesterday when he met with Hu.
"We are building the future. I am very heartened -- it is our fourth visit to China. Each visit is a step forward ... that is to say, a true alliance," he said.
Among the contracts expected to be signed were a deal to build 18 tankers to carry Venezuelan crude to China and 12 drilling rigs to help Venezuela boost its production capacity.
Chavez's statements backed up his country's offer earlier this month to export between 500,000 and 1 million barrels of oil a day to China if it reached a goal of producing 5.8 million barrels of crude by 2012.
Chavez said that during his first day of his trip to China on Wednesday he had met with company officials from the telecommunications, oil tanker and building construction industries.
While Chavez looks to China as an alternative market to the US, observers have said the arrangement is beneficial to Beijing because it wants to diversify its imports away from the volatile Middle East.
However some Chinese analysts have questioned whether the deal would be worth it, given the higher costs associated with Venezuelan oil. Aside from the extra expense of the long distance the oil would have to be shipped, Venezuelan crude is heavier than most of the Middle Eastern varieties, making it more costly to refine.
As well as looking to broker energy deals, Chavez took time out on Wednesday to hail China's economic model as an alternative to the US capitalist approach.
Better than the moon
Chavez praised China for being able, in less than half a century, to leave behind a "practically feudal" society and turn itself into one of the world's largest economies.
"It's an example for western leaders and governments that claim capitalism is the only alternative," he said.
"We've been manipulated to believe that the first man on the moon was the most important event of the 20th century.
"But no, much more important things happened, and one of the greatest events of the 20th century was the Chinese revolution," he said.
Over a few hours under gray skies, dozens of combat planes and helicopters roar on and off the flight deck of the USS Nimitz aircraft carrier, in a demonstration of US military power in some of the world’s most hotly contested waters. MH-60 Seahawk helicopters and F/A-18 Hornet jets bearing pilot call signs such as “Fozzie Bear,” “Pig Sweat” and “Bongoo” emit deafening screams as they land in the drizzle on the Nimitz, which is leading a carrier strike group that entered the South China Sea two weeks ago. US Rear Admiral Christopher Sweeney, who is commanding the group, said the tour
Sitting in a lotus position, four men weave glittering beads through gold thread on an organza sheet, carefully constructing a wedding dress that would soon wow crowds at Paris Fashion Week. For once, the French couturier behind the design, Julien Fournie, is determined to put these craftsmen in the spotlight. His new collection, which showed in Paris on Tuesday, was entirely made with fabrics from Mumbai. He said that a sort of “design imperialism” means that French fashion houses often play down that their fabrics are made outside France. “The houses which don’t admit it are perhaps afraid of losing their clientele,” Fournie
A court in Thailand sentenced a 27-year-old political activist to 28 years in prison on Thursday for posting messages on Facebook that it said defamed the country’s monarchy, while two young women charged with the same offense continued a hunger strike after being hospitalized. The court in the northern province of Chiang Rai found that Mongkhon Thirakot contravened the lese majeste law in 14 of 27 posts for which he was arrested in August last year. The law covers the king, queen and heirs, and any regent. The lese majeste law carries a prison term of three to 15 years per incident for
INSTABILITY: The country has seen a 33 percent increase in land that cultivates poppies since the military took over the government in 2021, a UN report said The production of opium in Myanmar has flourished since the military’s seizure of power, with the cultivation of poppies up by one-third in the past year, as eradication efforts have dropped and the faltering economy has led more people toward the drug trade, a UN report released yesterday showed. Last year, the first full growing season since the military wrested control of the country from the democratically elected government of Aung San Suu Kyi in 2021, saw a 33 percent increase in Myanmar’s cultivation area to 40,100 hectares, the UN Office on Drugs and Crime report said. “Economic, security and governance disruptions
RSS