Venezuela Strengthens Ties With China

Venezuela has signed a series of agreements with China, with the latter committing to invest billions of dollars in the Latin American nation. President Hugo Chávez, currently on an official visit to the Asian country, announced that China had pledged at least $11 billion in Venezuela’s infrastructure and oil sectors. Venezuela will increase its oil exports to China threefold over the next five years, according to the President. In addition, state-run PDVSA has signed an agreement with China’s National Petroleum Corporation to operate a joint-venture in the country’s oil-rich Orinoco belt.