Venezuela Signs Deal Doubling Oil Exports To China (300K B/D - Plans 1MBD By 2012)

Venezuela has signed deals to supply oil to China as part of a drive by Hugo Chavez, the south American nation's president, to break his dependence on energy exports to the United States. V

enezuela will double its exports to China by sending 300,000 barrels per day of crude in 2007, officials said at a signing ceremony in Caracas on Monday.

"Venezuela has always said it wants to turn itself into a secure and increasing source of oil supply to China," Chavez said at a gathering marking the visit of Li Changchun, a member of China's Politburo Standing Committee.

China is the world's second biggest oil consumer. Venezuela says it pumps about 3.3 million barrels of oil per day (bpd) although analysts say the figure is about 2.7 million. It is the fifth-largest oil exporter to the United States.

EDIT

http://mwcnews.net/content/view/13509&Itemid=1

China will be a ready buyer.