China's CNPC Signs Oil, Fuel Deal With Venezuela
CARACAS (AFX) - China National Petroleum Corp (CNPC) signed two contracts with the state-owned Venezuelan oil company PDVSA for crude and heating oil, a PDVSA official said today.

Under the deal's terms, CNPC will receive 100,000 barrels per day (bpd) of Venezuelan crude and 60,000 bpd of heating oil until 2007, according to PDVSA director Asdrubal Chavez.

Chavez said PDVSA hopes to increase its crude and products exports to China to 300,000 bpd.

'The idea behind the signing of these contracts is to strengthen the commercial and cooperative relationship with China,' Chavez said.

A CNPC official, Zhao Yong, said the contracts make PDVSA one of China's principal crude and products suppliers.