Venezuela and China gave a new boost to their thriving economic ties Tuesday, signing a package of agreements that advances China strategy of locking in access to the South American country's vast oil reserves.
After two days of talks in Caracas, the China National Offshore Oil Corporation will help the government of President Hugo Chavez develop the Boyaca 3 oil block in the Orinoco-belt, a large heavy-crude basin in Eastern Venezuela.
The move is part of Venezuela's efforts to increase oil sales to China to 1 million barrels per day from the 400,000 barrels per day it says it currently supplies. Under Chavez, Venezuela has tried to curb oil exports to the U.S. and searched for new markets. Despite his efforts, the U.S. remains the main destination for Venezuela oil, with sales averaging around 1 million barrels per day.
RIGHT NOW, THE USA IS CHAVEZ'S BIGGEST CUSTOMER, BUT THIS IS A SIGNAL THAT THIS WON'T CONTINUE - IF CHAVEZ HAS ANYTHING TO SAY ABOUT IT.
THE REDS STICK TO TOGETHER.
BBC: Venezuela orders power cuts for industry
Venezuela has imposed sweeping power cuts on industry and businesses in order to save its limited energy resources and avoid mass blackouts.
The government said the cuts were because of falling water levels at the Guri Hydroelectric dam, which supplies much of the country's power.
Energy Minister Angel Rodriguez said that without cuts, the dam could stop feeding the power grid early next year.
A drought in the region has caused water levels to drop dramatically.
Shopping centres have to turn off their lights by 2100 as part of the widespread rationing, while casinos and bingo halls have to turn theirs off by midnight.
CHAVEZ AND HIS COMRADES MIGHT BE DOING OKAY, BUT THE PEOPLE OF VENEZUELA SURE AREN'T.
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