Venezuela-China US$6bil fund likely to double in size

President Hugo Chavez says a US$6 billion Venezuelan-Chinese fund to finance joint development projects between the two countries could double in size. The fund partly aimed at increasing Venezuelan oil exports to China from 150,000 to 800,000 barrels a day was part of a series of agreements signed last year. Chavez says the fund could be increased to US$12 billion during his upcoming visit to China.
Chavez said on Thursday that 'it's likely that we will renew the fund for six billion more.'' Venezuela invested US$2 billion in the fund while China allocated US$4 billion. Under Chavez, Venezuela has fostered increasingly close ties with China as it seeks new markets for its oil beyond the United States.