Chavez doubles joint investment fund with China

Venezuelan President Hugo Chavez said Wednesday that a joint investment fund between his country and China would have US$12 billion in capital, twice the amount originally announced, the Wall Street Journal reported. Chavez, who made the announcement in Beijing on the second day of his three-day visit to China, hopes that China can eventually overtake the US as his country’s largest oil customer. Chinese officials have declined to confirm the deal. On Tuesday, China and Venezuela agreed to cooperate on the construction of two oil refineries, one in each country.