Venezuela and China to build refineries
(09-24 12:55)
Venezuela, the world's fifth- largest oil exporter, and China will agree to build refineries and boost oil shipments, said President Hugo Chavez, who is seeking to lessen dependence on the US.
The countries will sign an agreement to build a refinery in block Junin 8 in the Orinoco Belt, South America's biggest oil area, Chavez told Venezuelan state television.
The accord will deepen cooperation in the oilfield estimated to hold at least 40 billion barrels of reserves, he said.
Chavez, who is in China this week in a tour that includes Russia and Cuba, has sought closer ties with US rivals.
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