Venezuela hopes to nearly double its oil exports to China in the near future, Venezuelan Oil and Energy Minister Rafael Ramirez said on Wednesday.

Ramirez, who is also the head of the state oil company Petroleo de Venezuela (PDVSA), told reporters that "we are hoping to to sell 300,000 bpd to this market (China) very soon."

According to two contracts signed between PDVSA and the China National Petroleum Corporation last year, Venezuela now sells 100,000 bpd of crude oil and 60,000 bpd of fuel oil to China.

"We will complete the construction of the Jose Complex's orimulsion module, which belongs to CNPC," said Ramirez.

Orimulsion is an artificial fuel blend, which results from a mixture of water and extra-heavy crude found in Venezuela's Orinoco River basin.

Ties between Venezuela and China have been strengthened since late 2004 after President Hugo Chavez visited China and signed a series of agreements on cooperation in petroleum, gas, telecommunications and trade.

Source: Xinhua