Venezuela, China to Join on Oil Drills

Houston Chronicle – Venezuela plans to enter into a joint venture with China to manufacture oil drills, instead of buying them from U.S. companies, President Hugo Chavez said Tuesday.

Chavez said during a speech in the Venezuelan capital of Caracas that China will “help us put together a factory to build oil drills.”

He did not specify how many drills Venezuela plans to buy or give a launch date for the venture, which will be jointly financed by Venezuelan and Chinese capital.
Houston Chronicle