News // Companies
Venezuela Wants to Become Steady and Stable China's Oil Provider
29 August 2006 , 10:16433
China will invest around $5 billion in energy projects in Venezuela by 2012 as part of a plan to boost Venezuela's oil output, the South American country's energy minister told state television on Monday.
Venezuelan President Hugo Chavez just completed a visit to China to sign cooperation accords as part of an effort to reduce Venezuela's dependence on U.S. energy markets.
Rafael Ramirez said China's participation in Venezuela energy ventures would "require in first instance around $5 billion in investment."
He said Venezuela is seeking to become a "steady and stable" provider of oil to China, an effort that the United States has watched nervously as political relations between Caracas and Washington remain tense.
10:20 13.08.2013Far East Energy Updates on Drilling Activities in China
09:39 07.06.2013Venezuela Secures $4B Funding from China
10:24 07.12.2012China Warns Vietnam on Oil Exploration
10:21 02.08.2012Venezuela's opposition wants to scrap preferential oil deals
18:30 01.12.2011Asian E&P companies face credit risks