China In Search of Energy Security – Chávez Lays Welcome Mat

President Hugo Chávez has long desired to minimize his country’s economic dependence on the United States, and since China’s huge and growing energy demands have resulted in expanded business with Venezuela, he may very well get his wish. Beijing and Caracas have a history of affable diplomatic ties, which in recent years have been strengthened by several multibillion-dollar oil-exploration deals that are providing China with a broadening spectrum of new sources of energy while helping to revive Venezuela’s wilting economy. With its petroleum consumption climbing 7.5 percent per year, China represents a significant and growing long-term source of income for Venezuela.