Venezuela to export half a million barrels of oil to China per day by 2009

Visiting Venezuelan President Hugo Chavez said that Venezula will ratchet up oil exports to China over the next three years, testimony to a "very significant step forward" in energy cooperation.

"Venezuela and China have made remarkable progress in the field of energy cooperation. Venezuela's oil exports to China will reach 500,000 barrels per day by 2009 and eventually one million barrels a day", Chavez said at a press conference Friday afternoon in Beijing.

According to Chavez, Venezuela plans to double its oil production to five million barrels a day, and "a big proportion of the increased production will go to China".

"This is what we want", Chavez said, noting that his fourth China visit has furthered strategic cooperation between Venezuela and China.

In addition to cooperation on energy, Chavez also praised bilateral cooperation in the fields of infrastructure, agriculture, transportation, telecommunications and tourism.

"So far in this visit we have not encountered a single 'but' with China, every aspect of the trip has been successful", Chavez said.

Chavez arrived in Beijing as Chinese President Hu Jintao's guest on Tuesday night, starting a six-day state visit to China.

He will also visit the eastern province of Shandong.

Chavez previously visited China in October 1999, May 2001 and December 2004.

Source: Xinhua