China National Petroleum Corp will own 40 percent of an oil-production venture in Venezuela

China National Petroleum Corp., the nation's biggest oil producer, said it will own 40 percent of an oil-production venture in Venezuela.
The venture between CNPC and state-owned Petroleos de Venezuela SA targets to produce 20 million tons of crude oil a year, CNPC said on its Web site today. The companies will pump oil from an area called Junin 4, Venezuelan President Hugo Chavez said at a signing ceremony in Caracas May 9.
China is investing in oil assets in South America and Africa to secure long-term supplies to meet the needs of the world's fastest-growing major economy. The country's oil consumption is forecast to rise 5.3 percent this year, the International Energy Agency said Jan. 16.