China, Venezuela agree to build oil refineries

China and Venezuela have agreed to jointly build two oil refineries, the Wall Street Journal reported, citing comments made by Venezuelan President Hugo Chavez in Beijing on Tuesday. Speaking to reporters on the first day of a two-day official visit, Chavez said one refinery would be located in each country, with the refinery in Venezuela situated in the oil-rich Orinoco Basin. No details were provided on the location of the Chinese refinery. A formal agreement is expected to be signed before Chavez leaves China. The two sides are also expected to discuss a US$6 billion investment fund agreed to earlier this year. China is the second stop on a six-nation tour for the Venezuelan president, which began in Cuba on Sunday. Chavez plans to fly to Russia on Thursday.