BEIJING, Dec. 24 (Xinhuanet) -- Visiting Venezuelan President Hugo Rafael Chavez Frias said here Friday that Venezuela and China willhave a bright future for their energy cooperation as the two countries enjoy sound political relations and China's economy is developing rapidly.

    The two countries have made significant progress in energy cooperation since the two nations vowed to establish a bilateral strategic partnership of common development in 2001, Chavez told an audience of nearly 50 businessmen attending a China-Venezuela business talk.

    "The progress is the result of Chinese and Venezuelan leaders' strong commitment and businessmen's vigorous push," he said.

    According to Chavez, his visit witnessed the signing of a package of energy cooperation agreements between Venezuela and China.

    The Venezuelan government will grant Chinese companies production permits to explore oil in Venezuela's oil-bearing blocks.

    Chavez also pledged to support Chinese companies' involvement in the exploration of the off-shore natural gas fields in Venezuela.

    Noting Venezuela is planning to form a state-owned petrochemical corporation, Chavez said, "We welcome China to help build this plant."

    Moreover, Venezuela welcomed China to join hands for the construction of an oil pipeline reaching ports along the Pacific, he said.

    Venezuela also boasts numerous business opportunities in agriculture, railway mining, housing, tourism and telecom, Chavez said. "Chinese companies are encouraged to invest in these areas."

    Chavez arrived here Thursday morning for a five-day state visit.This is his third state visit to China. Enditem