China backs Chavez on trade, diplomacy

Beijing will back Venezuela's bid for a seat on the UN Security Council, President Hugo Chavez announced on Thursday as he unveiled an agreement to almost quadruple oil sales to China. "The support of China is very important from the political and moral point of view," Chavez said, according to the Financial Times. The two nations have agreed that Venezuelan oil sales to China will reach 1 million barrels a day over the next 10 years. Meanwhile, China National Petroleum Corp and PDVSA, the Venezuela state oil company, will carry out joint oil explorations in two parts of the South American country. Six other agreements were signed, focusing on bilateral trade and infrastructure, with both Chavez and President Hu Jintao saying there would be cooperation on the building of oil machinery, railways and telecommunications networks.