MIAMI, Sept. 12 (UPI) -- Venezuelan and Chinese state petroleum companies said they will spend more than $10 billion to develop the oil-rich Faja del Orinoco region, part of a continuing effort by Caracas to bolster ties between the two countries.

Energy and Oil Minister Rafael Ramirez said the project will produce up to 1 million barrels per day at full capacity.

Speaking at an OPEC meeting in Vienna, Ramirez said the project would be financed by Venezuela’s “own capacities,” though some of the oil will be refined in China. President Hugo Chavez said earlier this week Venezuelan state-owned energy firm PDVSA would collaborate with China National Petroleum Corp. to build three new refineries in China.

Chavez has been courting new customers in Asia, particularly China, in hopes of broadening Venezuela's client base and reducing its dependence on the United States, its No. 1 customer.

Venezuela already enjoys strong petroleum ties with China. Earlier this year Ramirez announced Venezuela would buy 13 new oil rigs from a Chinese supplier. Over the past several years Chavez has worked steadfastly to improve Venezuelan-Sino oil ties. In August 2006 he traveled to China to finalize a deal for the construction of 24 drilling rigs in Venezuela and the purchase of 18 oil tankers with a $1.8 billion price tag.