(El Universal) - "China plans to expand investment in Venezuela, said Ambassador Ju Yijie, adding that they had estimated investment at USD 1.4 billion in 2007, but the amount is set to grow this year.

Based on Ju's estimations, Chinese investment in Venezuela could exceed USD 2 billion, with funds earmarked for projects in the sectors of infrastructure, communications, technology and roads. However, disbursement of funds will be larger if oil projects are included.

The diplomat stressed that bilateral trade in 2006 was above USD 4 billion, with a surplus for Venezuela. 'China buys oil and iron, among other products.'

During a meeting of the China-Venezuela Trade Mission, hosted by the Venezuelan Foreign Trade Bank and the Chinese Embassy Trade Office, Ju stressed that both countries recently initialed oil agreements to organize a joint venture for operation at the heavy-crude oil Orinoco strip, eastern Venezuela, installation of refineries in China to process 800,000 bpd and construction of supertankers to transport Venezuelan oil to China.

According to the diplomat, these agreements could be completed in four years".