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17

Venezuela Turns To China

Venezuela says it is working on a number of new oil deals with China

Venezuela says it is working on a number of new oil deals with China, as it aims to reduce its dependence upon crude exports to the US.

The left-wing Venezuelan government said it would work with China National Petroleum Corporation to boost Chinese investment in its oil facilities.

It added that there were also joint plans to build a fleet of new tanker ships and three refineries in China.

China's breakneck economic growth of recent years means it is today the world's second-biggest oil consumer after the US.

Venezuela is the world's eighth largest oil exporter.