Venezuela wants to quadruple exports of oil and products to China next year as part of efforts to strengthen energy ties with Beijing.

Venezuela, a top supplier of crude to the US, has ramped up supplies to China to around 70,000 barrels per day (bpd) in recent years as part of efforts to diversify its customer list, President Hugo Chavez said.  “We hope... to increase this level of supply to 300,000 bpd next year,” Chavez said in a speech at the closure of a Chinese-Venezuelan forum.
Venezuela has signed a series of proposals with Chinese companies to develop its energy reserves and broaden its trade base beyond the US.
The deals include a joint venture company to explore and produce oil from the Junin 4 field in the Orinoco extra heavy crude deposit.
“A new company (is planned) to produce... 300,000 bpd,” Chavez said.