After a visit to China, Venezuelan President Hugo Chavez struck a major oil deal with China, their largest oil customer other than the U.S.

Venezuela currently provides China with 155,000 barrels of oil a day, but will increase this amount to 300,000 barrels by 2007 and one million by 2012.

Alongside the recent agreement, the Chinese have also announced they will help Venezuela build a new oil refinery.

China is the world’s second largest consumer of energy, and the new deal will help to keep the country’s expanding economy running.

Source: BBC