Venezuela has signed deals that will see it double exports to China to around 300,000 barrels per day in 2007, Reuters reported. The move is seen as part of President Hugo Chavez's strategy to reduce the country's dependence on energy exports to the US. "Venezuela has always said it wants to turn itself into a secure and increasing source of oil supply to China," Chavez told officials gathered for the visit of Li Changchun, a member of China's Politburo Standing Committee. Chavez wants to increase exports to one million barrels per day by 2012. The country claims it currently pumps 3.3 million barrels of crude per day, although analysts put it at 2.7 million. Chavez also said that China has approved a long-discussed US$6 billion fund to invest in developmental work in Venezuela. Beijing would supply US$4 billion to Caracas' US$2 billion.
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