Chavez: Venezuela to boost oil exports to China

Venezuelan President Hugo Chavez said his country will increase exports of crude oil to China by 25% in 2009, Bloomberg reported. The announcement came on the last day of Chavez’s visit to China. Sales of crude from Venezuela will rise from 400,000 barrels a day to 500,000, and Chavez said he expects daily exports to reach 1 million barrels a day within three to four years. China will provide Venezuela with loans in return for the oil. Earlier, Chavez said that a joint investment fund between Venezuela and China would have twice as much capital as initially announced.