May 19, 2005
China to launch satellite for Venezuela in three years

(AFX Asia ) - "China will launch a satellite bought by Venezuela in three years, to improve the South American country's telecommunications, prepare for natural disasters and carry out geographic studies, the Venezuelan government said.

President Hugo Chávez announced in January that China would build the telecommunications satellite.

Venezuelan officials did not immediately disclose terms of the satellite purchase or the precise date of acquisition.

Venezuela, the world's number-five oil exporter, is the top recipient of Chinese investment in Latin America - some 700 mln usd, Venezuelan government data show".