Economic cooperation between China and Venezuela may open a path for Chinese entrepreneurs to other countries in the region
　　
　　The activities and speeches of Venezuelan President Hugo Chavez, a voluble man known for his strong anti-U.S. attitude, always get prominent play in the media, and his recent visit to China is no exception. But this time, he put his focus on economic and energy cooperation with the world’s largest and fastest growing market. During his six-day state visit to China on August 22-27, he signed 28 investment agreements, worth $11 billion.
　　This is Chavez’s fourth visit to China since becoming Venezuela’s leader, following trips in October 1999, May 2001 and December 2004. During his stay in China, the main topics of various conferences were related to energy and economic cooperation. Chavez also presented plans to diversify his country’s oil exports, which will shift the focus from the United States to Asia, especially China, according to experts.
　　“We all know that China is a rising developing power that needs a large amount of energy in its development, as well as a very important market, and Venezuela is an energy power that can meet China’s demands,” Mimy Mock de Fung, President of the Venezuelan Chinese Chamber of Commerce, Industry and Tourism (VCCCIT), told Beijing Review. She added that since she was born in China, she was delighted to see China’s rapid development in the past decades.
　　Analysts say Chavez does not want Washington to pay much attention to his low-key visit to China since his major purpose is to seek new energy export markets to reduce Venezuela’s over-dependence on the United States.
　　Currently, half of the oil produced in Venezuela goes to the U.S. market. Given that the relationship between Venezuela and the United States remains tense, the former recently has begun to make great efforts to promote an oil diversification strategy.
　　According to Luis Vierma, Vice President of Petroleos de Venezuela S.A., Venezuela’s state-owned oil company, the annual per-capita oil consumption in the United States is 11.5 barrels, but the figure in China is only 1.5 barrels; his company is ready to increase oil supply to China, as well as India.
　　According to Cui Xinsheng, advisor to the Chingqing Century Minsheng Energy Group, China and India are both rapidly growing oil importers and will occupy important positions in Venezuela’s future oil strategy.
　　While expanding its market in China, Venezuela is also strengthening its economic and trade cooperation with other South American and Caribbean countries, as well as Russia and Iran.
　　
　　Diversifying exports
　　
　　Venezuela is the world’s fifth largest oil producer. But its current oil exports to China are only 150,000 barrels a day. At the same time, China’s oil demand has continued to increase in recent years and it is China’s strategy to diversify its energy sources.
　　Chavez said at a press conference on August 25 that Venezuela will ratchet up oil exports to China over the next three years, reflecting a “very significant step forward” in energy cooperation. 　　“Venezuela and China have made remarkable progress in the field of energy cooperation. Venezuela’s oil exports to China will reach 500,000 barrels per day by 2009 and eventually 1 million barrels a day,” Chavez stressed.
　　The Venezuelan president noted that the country plans to double its oil production to 5 million barrels a day, and “a big proportion of the increased production will go to China.”
　　China is the world’s second largest oil consumer after the United States. Chavez has shown great interest in the huge market.省略, Venezuela proposes to build an oil pipeline to a Colombian port along the Pacific Ocean to facilitate oil shipments to China. If constructed, the pipeline will greatly reduce the distance for oil shipments from Venezuela to Asian countries.
　　Meanwhile, China is seeking various ways to diversify its oil imports. It is reported that China will invest more than $100 billion in Latin American countries in the next 10 years to fully develop its economic and trade relationship with the region. Experts note that energy cooperation between China and Venezuela will also reduce China’s over-dependence on oil supplies from the Middle East.
　　
　　A broader market
　　
　　While energy cooperation is a major focus of the Sino-Venezuelan economic and trade relationship, cooperation between the two countries is not limited to crude oil trade. Venezuela hopes to export more oil products to China. To that end, more than 150 representatives from leading Venezuelan enterprises came to China with their president.
　　“Venezuela is an energy power. However, this does not mean Venezuela can only produce crude oil. We also have advanced technology in producing oil products,” Mock de Fung said at a commercial fair on China-Venezuela industry, business, agriculture and tourism held by the Venezuelan Chinese Chamber of Commerce, Industry and Tourism and China Foreign Trade Center on August 25.
　　According to her, Venezuela hopes to export to China not only raw materials, but also its refined oil products and petrochemicals. She added that she hopes China can cooperate with Venezuela in developing the petrochemical industry in her country and selling related products to other South American countries.
　　“As the president of VCCCIT, I can promise that my chamber will provide all services to all Chinese entrepreneurs who wish to do business in Venezuela, supplying them not only with access to government channels, but also channels to various enterprises,” she said.
　　Besides oil and natural gas, Venezuela also has abundant reserves of iron ore, bauxite, gold and coal. According to Mock de Fung, China-Venezuela cooperation has a promising future because China needs Venezuela’s energy and other resources and Venezuela requires China’s advanced technology.
　　“Venezuela is a trustworthy business partner with great geographic and climate advantages since people can easily access other Latin American countries and Caribbean countries. More importantly, Venezuela is a peaceful country,” she said, adding that she hopes Chinese enterprises can use Venezuela as a door to other Latin American countries.

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