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Venezuela-China joint fund now $12b strong

[ 2009-02-20 13:40]     字号 [] [] []  
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Venezuela and China have agreed to put an additional $6 billion into a fund used to finance joint development projects in fields ranging from oil production to infrastructure.

Venezuelan President Hugo Chavez said the fund, which grows to $12 billion, is partly aimed at increasing Venezuelan oil exports to China from 330,000 to 1 million barrels a day by 2015. The fund finances projects in farming, manufacturing and other areas, too.

"It's part of a strategic alliance, and it serves common interests," Chavez told a delegation of visiting Chinese officials, led by Vice-President Xi Jinping, on Wednesday.

China has put $8 billion into the fund while Venezuela's contribution is $4 billion, Chavez said.

Venezuela sees China as a key partner in its efforts to diversify the sale of its oil and crude, half of which goes to the US.

Caracas and Beijing aim to build four oil tankers and three refineries in China capable of processing Venezuelan crude.

Venezuelan and Chinese officials signed 12 accords, including one to build a plant in Venezuela to make household appliances.

Xi's visit to Venezuela is part of his Latin American tour that will also take him to Brazil and Malta. He has already visited Mexico, Jamaica and Colombia.

The vice-president reached the Brazilian capital on Wednesday night (Thursday afternoon Beijing time).

(英语点津 Helen 编辑)

Venezuela-China joint fund now $12b strong

Venezuela-China joint fund now $12b strongBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.