Venezuela and China have entered into 12 new cooperation agreements that will result in an increase in oil trading between the two countries and the construction of a refinery in China and training and development facilities in Venezuela.

China's vice-president Xi Jinping met with Venezuelan president Hugo Chavez to finalise the deals, which also include the pledge to double the China-Venezuela investment fund to $12 billion (£8.35 billion).

"The fund is part of the strategic alliance that bolsters our common interests and confirms Venezuela's standing as an oil-providing partner (to China) for the next 500 years," said Mr Chavez.

Much of the money will be spent on improving educational opportunities in the oil-rich South American country, while infrastructural and health projects will also be bankrolled by the fund.

In August 2008, Eulogio del Pino, vice-president of Venezuelan state oil firm PDVSA, told Dow Jones that the country was exporting more than 360,000 barrels of crude a day to China.

He expects that this figure will reach one million barrels a day by 2012.

5th Global Education and Training event for Oil and Gas: Exploration and Production