Chavez sees 1 million-barrel oil exports to China

BEIJING – Venezuelan President Hugo Chavez says his country’s oil exports to China could soar to 1 million barrels a day by 2012.

Chavez’s visit this week to Beijing has focused on trade and business ties, including refinery construction deals and China’s launch of a Venezuelan communications satellite.


Chavez was due to meet with top Chinese officials Wednesday, including President Hu Jintao and Communist Party No. 2 Wu Bangguo, speaker of the rubber stamp parliament.

In comments broadcast Tuesday on state television in Venezuela, Chavez said Venezuela’s oil exports to China would increase to almost 500,000 barrels a day next year. That figure could reach 1 million barrels a day within four years, he said.

The sides also plan to construct three oil refineries in China capable of processing Venezuela’s heavy sulfer-laden crude and build four oil tankers.

“While the world enters an energy crisis, we are investing,” Chavez said.

AP