China in huge Venezuela oil deal 中国与委内瑞拉签署石油勘探

Venezuela has announced a $16bn (£10bn) investment deal with China for oil exploration in the Orinoco river.

委内瑞拉选育与中国签署一项160亿美元的奥里诺科河石油勘探协议。

Mr Chavez is seeking greater economic independence from the US

The move comes shortly after Venezuela signed a similar agreement with Russia, which is estimated to be $20bn (£12bn).

President Hugo Chavez said the deals would boost oil production in Venezuela by about 900,000 barrels per day.

Investors¹ in Venezuela's oil industry have complained for months that a lack of government investment in infrastructure² has hurt production.

Multi-polar world

Speaking on state television, Mr Chavez said the deal with China was over three years and that the investment would go towards developing heavy crude oil resources in the Orinoco River belt.

For President Chavez it is part of a wider effort to increase his base of bilateral³（双边的） partners in the oil industry.

The socialist⁴ leader often speaks of what he calls a "multi-polar world" in which Latin American countries are less dependent on Washington.

However, US companies and the US government are still the mainstay（主要支持） of the Venezuelan energy industry.

The Venezuelan leader will hope that these multibillion dollar deals, signed with countries which are more friendly to his "21st Century Socialist Revolution", will give him further economic independence from Washington.