By GILLIAN WONG, Associated Press Writer

BEIJING - Venezuela plans to export 500,000 barrels of oil a day to China within five years, Venezuela President Hugo Chavez said Wednesday.

Chavez arrived in Beijing earlier in the day at the start of a trip aimed at forging stronger energy ties between the two countries. He plans to sign agreements to boost China's investment in oil-rich Venezuela with joint projects in petroleum, telecommunications, farming and railways.

Discussions over energy co-operation are set to dominate Venezuelan President Hugo Chavez's visit to China, which began on Tuesday.

Oil producing Venezuela wants to reduce its reliance on the US, to which it exports most of its oil despite the two countries' ideological differences.

China offers a lucrative alternative market, as Beijing needs oil supplies to maintain its rapid economic growth.

Natalie Obiko Pearson, Yahoo! News
Beneath the plains and winding tributaries of the Orinoco River lie what Venezuela believes is the planet's largest oil deposit -- a tar-soaked basin that could help meet spiraling global energy needs.

It's known as the "Faja," or "belt": a strip three times the area of Kuwait potentially holding 1.2 trillion barrels of extra-heavy oil.