Beijing (AsiaNews/Agencies) – Chinese President yesterday signed a series of trade agreements with his Venezuelan counterpart, Hugo Chavez, to jointly develop Venezuela's vast oil resources as the counter deepen their economic and political ties.

Mr Hu gave Mr Chavez a warm welcome, whilst the Venezuelan leader proposed to increase oil sales to China to 500,000 barrels per day over the next five years.

The Asian giant is desperately looking for all kinds of energy suppliers to fuel its rapidly expanding economy.

"I believe that, through your visit, the two countries' co-operation in all aspects can be promoted," Mr Hu told Mr Chavez in the Great Hall of the People.

Mr Chavez said he had "a series of important and close consultations with important Chinese entrepreneurs", but did not give details.

Agreements signed by the two leaders include one for their main government-owned oil companies—China National Petroleum Corp and Petroleos de Venezuela S.A.—to jointly develop the Junin area of Venezuela's Orinoco oil belt.

Mr Chavez is also scheduled to meet Premier Wen Jiabao and National People's Congress chairman Wu Bangguo.

He will also meet executives to discuss developing his country's coal and gold deposits.

The leftist Mr Chavez has strengthened ties with Beijing since taking office in 1999, part of a strategy to sell more to other countries and replace the United States as Venezuela's biggest oil customer.