Venezuela also wants to find new buyers for its fuel not to be dependant on the USA. China used the opportunity. Beijing is very well aware of the energy drawbacks of its economy. Therefore, the country tries not to let Moscow take an advantage in the oil-rich Venezuela. China does its best to become an important partner for Chavez. The later skillfully balances between the two great superpowers. He lets Russia in Venezuelan oil and gas fields, looks at China as the chief consumer of its energy resources and threatens to cease fuel shipments to the United States.

Venezuela is expected to increase the volume of its oil shipments to China up to one million barrels a day by 2012. Venezuela’s PDVSA and China’s Sipopec have already agreed to build three refinery works in China and one in Venezuela.

The plans of economic cooperation between Russia and Venezuela look quite modest against such a background. Russian companies will have to explore the gas fields near the Caribbean islands and organize its deliveries to the home market.

Russia and Venezuela are interested in running cooperation in the defense field. Venezuela has already become one of the major buyers of Russia’s military hardware. It is not ruled out, though, that China will put competitive pressure on Russia at this point too.

Vladimir Anokhin