Venezuela and Japan bolster oil ties - United Press International

MIAMI, April 8 (UPI) -- Hoping to improve Venezuela's economic outlook on the oil front, South America's largest petroleum producer is bolstering ties with Japan to the tune of a $4 billion joint investment fund, solely bankrolled by Tokyo.

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Following his visit to Tokyo earlier this week, Venezuelan President Hugo Chavez told reporters in Beijing that Japan would also join Venezuela in financing larger projects aimed at bolstering Venezuelan oil and gas production and increasing exports to oil-hungry Japan. The $4 billion infusion by Japan comes at a time when Venezuela is in certain need of additional cash to continue supporting its wide-ranging social programs for the country's poor. For years, the leftist Chavez used Venezuela's windfall oil profits to fund social spending.

Full Story: Venezuela and Japan bolster oil ties - United Press International