Describing himself as a "Maoist" and predicting the "collapse of global capitalism", President Hugo Chávez announced yesterday that Venezuela and China would expand their energy ties by building an oil refinery in the Latin American country.

On his fifth visit to China, aimed at deepening cooperation between the two countries, Mr Chávez also announced that a joint investment fund would be doubled in size to $12bn (€8.2bn, £6.5bn).