----- Original Message -----
From: Gold Anti-Trust Action Committee
To: [EMAIL PROTECTED]
Sent: Sunday, March 25, 2007 11:40 AM
Subject: [GATA] Venezuela would shift oil trade away from U.S., toward China
Venezuela would shift oil trade away from U.S., toward China
Submitted by cpowell on 09:40AM ET Sunday, March 25, 2007. Section: Daily
Dispatches
By Christian Oliver
Reuters
Saturday, March 24, 2007
http://www.reuters.com/article/ousiv/idUSN2427878220070325
CARACAS -- Venezuela said on Saturday it was working on a raft of oil deals
with China, giving impetus to President Hugo Chavez's attempts to break his
country's dependence on oil exports to the United States.
The China National Petroleum Corp. will look to develop heavy crude oil
production in the Orinoco Belt and cooperate with Venezuela in building three
refineries in China and a "super-fleet" of crude tankers, the Information
Ministry said.
"The United States as a power is on the way down; China is on the way up. China
is the market of the future," Chavez was quoted as saying by an Information
Ministry statement after meeting CNPC President Jiang Jiemin in Caracas.
China's economic expansion has turned it into the world's second-biggest oil
consumer. OPEC member Venezuela was the fifth-biggest oil exporter to the
United States in January. Analysts reckon it pumps about 2.7 million barrels
per day.
Chavez has ambitious plans to lift oil exports to China to lessen its
dependence on its arch-foe the United States, saying it hopes to send 1 million
barrels per day to China by 2012.
This optimistic target follows an earlier goal of more than tripling oil
exports to China of 160,000 bpd by 2009.
The Information Ministry said CNPC would sign on Monday a preliminary deal to
take a 40 percent stake in various Venezuelan heavy crude projects.
CNPC is already working in the Junin 4 block but Chavez said the Chinese oil
giant wanted to expand its Orinoco operations with "billions of dollars" of
investment.
Chavez is pushing ahead with a nationalization of Venezuela's oil industry,
stripping major U.S. companies such as Exxon Mobil Corp., ConocoPhillips, and
Chevron Corp. of their majority stakes in heavy crude projects.
While sidelining such majors, Chavez is seeking to do more business with China,
Russia, and Iran, part of forming what he describes as a multipolar alliance
against the United States.
He said the three proposed refineries in China would process 800,000 barrels
per day of Venezuelan crude. The proposed new tanker fleet would not just run
China-Venezuela routes but also operate in the Caribbean and take shipments to
Africa, Chavez said.
Although Venezuela has signed many memorandums of understanding on commercial
cooperation with countries in the developing world, many of the proposals have
been very slow to turn into anything concrete.
In a sign that Venezuela's ties to China hinge on politics as well as commerce,
Li Changchun, who sits of the Chinese Communist Party's omnipotent nine-member
Politburo Standing Committee, will visit Venezuela next week.
* * *
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