Venezuela pledges support for Chinese oil exploration

Dec 27, 2004 01:00 AM

Venezuelan President Hugo Chavez has pledged support for Chinese companies to take part in oil exploration and pipeline construction projects in his country.
Emphasizing that bilateral energy partnerships have a "bright future," Chavez, who was visiting China, said the Venezuelan government would grant Chinese companies production permits to explore oil in Venezuela's oil-bearing blocks.

He also promised to support Chinese companies' involvement in exploring off-shore natural gas fields in Venezuela, Chavez said in comments to businessmen.
Noting that Venezuela was planning to form a state-owned petrochemical corporation, Chavez said Venezuela also "welcomes China to help build this plant." The two countries can also join hands to construct an oil pipeline reaching ports along the Pacific, he said.

During his visit, Chavez witnessed the signing of a package of energy cooperation agreements between the two countries.
China sees Venezuela as important in its quest to diversify and boost its source of oil to meet growing demands for fuel. Chavez also invited Chinese companies to invest in his country's agriculture, railway, mining, housing, tourism and telecommunications industries.

Source: TerraNet
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