Venezuela Expects Oil Exports to China to Soar

Petroleos de Venezuela SA, South America’s largest oil company, expects its exports to China to rise fivefold by 2012 as it seeks to lessen its dependence on the U.S. market.

Sales of crude oil and petroleum products to China may top 300,000 barrels within years, the state oil company said in a press statement. In an interview, Petroleos de Venezuela board member Asdrubal Chavez said the company expects to reach the 300,000-barrel a day mark by 2012.
Bloomberg