As part of a plan to boost Venezuela's oil output, China will invest around $5 billion in energy projects in the country by 2012.
Rafael Ramirez said that the initial investment made by China is very important as it is part of the increase in oil production, which is projected at 5.8 million barrels per day by 2012.
Currently, Venezuela is providing 150,000 bpd of oil and products to China with the joint plan aiming to reach up to 500,000 bpd by 2012.
Ramirez added that the Chinese investment was inclusive of a joint venture to operate the Zumano fields in eastern Venezuela and investment by China's CNPC in the Orinoco heavy crude belt.
PDVSA, the Venezuelan state oil company, plans a total investment of $56 billion by 2012 as part of an expansion plan that includes increasing natural gas production, boosting refining capacity and launching a wide-scale development of the Orinoco heavy crude belt.
Chinese energy company Sinopec will be part of the development of an oil block in the Gulf of Paria. Besides this China will also help Venezuela build 18 new oil tankers by 2012.
President Hugo Chavez of Venezuela just rounded off a visit to China to sign cooperation accords as part of an effort to reduce Venezuela's dependence on US energy markets.
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