China and Venezuela have agreed to double a joint investment fund to $12 billion and plan to build a joint venture refinery in Venezuela, President Hugo Chavez said on Wednesday. 'Here in Beijing we have achieved a renovation, an expansion of the strategic investment fund -- from $6 billion it has risen to $12 billion,' Chavez told a high-level forum in the Chinese capital.
The fiery leftist and critic of Washington is keen to reduce his nation's traditional reliance on energy markets in the United States. China's big appetite for oil and Communist Party government make it an attractive alternative. A series of deals are scheduled to be signed and announced after an afternoon meeting with Chinese President Hu Jintao.
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