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Caracas (AFP) May 14, 2010 Venezuela signed several agreements Friday with Chinese manufacturer Haier to construct an industrial complex and sell household appliances in the South American country. "We are going to install a domestic appliance factory here that will be in the interest of both Venezuela and China," President Hugo Chavez, a close ally of Beijing, said during the signing ceremony. Haier will export about 300,000 Chinese-made appliances to Venezuela, and later install an industrial complex to make refrigerators and other domestic appliances in partnership with a publicly owned Venezuelan consortium. In April, the Chinese government announced that it was extending a 20 billion dollar (16 billion euro) line of credit to Venezuela to finance long-term projects in agriculture, energy, industry and infrastructure. The two countries have already established a 12 billion dollar binational fund to invest in projects in a variety of sectors, including housing, defense and infrastructure. In the energy sector, the state-owned China National Petroleum Corp (CNPC) also plans to invest 16 billion dollars to develop a bloc in the vast and largely untapped Orinoco Heavy Oil Basin with its Venezuelan counterpart, PDVSA. Venezuela, the world's ninth-largest crude oil producer, exports 460,000 barrels of oil a day to China, and has a medium-range goal of boosting the trade to more than a million barrels a day. Trade between the two countries rose from 742 million dollars in 2003 to 10 billion dollars at the end of 2008, according to the Venezuelan government.
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