From Reuters, via The Intelligence Summit Blog:
The China National Petroleum Corp. will look to develop heavy crude oil production in the Orinoco Belt and cooperate with Venezuela in building three refineries in China and a “super-fleet” of crude tankers, the Information Ministry said.
“The United States as a power is on the way down, China is on the way up. China is the market of the future,” Chavez was quoted as saying by an Information Ministry statement after meeting CNPC President Jiang Jiemin in Caracas. [Full Text]