Last Updated :
15 March 2010 at 12:35 IST
Venezuela to increase crude shipments to China
CARACAS (Commodity Online) : Venezuela president Hugo Chavez said his country is anticipating further oil exports to China.
Speaking in a weekly radio talk show, he said a high level delegation from China will visit the country soon to discuss details of more crude oil exports.
China imported 120,000 barrels of oil per day from Venezuela in 2008 and Venezuela, with the largest oil reserve in South America, expects further increase of oil shipment to the Asian country.
With a net oil exports of 1.89 million barrels per day in 2008, Venezuela is the largest oil exporter in Western Hemisphere and the eighth largest in the world.
PetroChina and PDVSA, the national oil company of Venezuela, have established a joint venture on oil exploration and development in Venezuela.
PetroChina held 40 percent of the new company's shares.
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