Venezula, China To Build Oil Refineries Together

Venezuelan president Hugo Chavez would like to sell more of his country’s oil to China and less to the U.S.

Venezuela sold Beijing 38 million barrels in the first seven months of this year, almost double last year’s sales, despite the logistics difficulties of shipping it. Chavez, now visiting Beijing, says Venezuela could be sending China 1 million barrels a day by 2012. Overall trade between the two countries is expected to top $8 billion this year, up from less than $200m a decade ago.

During the three-day state visit, a stop off on trips also taking in Havana and Moscow, the two countries announced they would build two refineries, one in each country, capable of processing Venezuela’s heavy crudes that China currently has to blend with lighter crudes to refine, or sell on.

Meanwhile, Chavez has to settle for the fact that he is dependent on the U.S. he so detests to buy half Venezuela’s oil.

1 Comment

Filed under Economy

One response to “Venezula, China To Build Oil Refineries Together

  1. Great Blog!……There’s always something here to make me laugh…Keep doing what ya do 🙂

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