Belarus to double oil extraction in Venezuela in 2009

Belarus plans to double oil extraction in Venezuela to reach two million tonnes in 2009, First Vice-Premier of Belarus Vladimir Semashko said at a reception dedicated to the Independence Day of Venezuela in the Palace of Republic on July 8, reported Belta.

Vladimir Semashko noted that the Belarusian-Venezuelan relations are developing very rapidly. Over the two years, they made a significant move forward. According to the First Vice-Premier, the visit of President of Venezuela Hugo Chavez to Belarus in 2006 laid the foundation for the bilateral cooperation. In 2007, the Venezuelan leader came to Belarus for the second time. These visits fostered a vigorous dialogue between the states in all areas. But the turning point in the bilateral relations occurred when President of Belarus Alexander Lukashenko paid a visit to Caracas in December 2007. During this visit significant bilateral agreements were signed and what is most important, a joint enterprise on oil extraction was established.

"This joint venture is working ahead of schedule which attests to the successful implementation of this project on two oil wells. At present, we are planning to expand the extraction of oil in Venezuela," Vladimir Semashko underlined.