Venezuela and Belarus Sign Oil Agreement

With the presence of Venezuelan President Hugo Chavez Frias, Belarusian Belorusneft and Venezuelan PDVSA oil companies signed an memorandum of understanding on Wednesday, which widens bilateral cooperation in that sector.

The agreement, the signing of which coincided with a working visit to Minsk by Hugo Chavez, includes allocation of oilfields to the Belarusian-Venezuelan joint venture, which has been operating in the Belt of Orinoco since late 2007.

In the negotiations between both companies' delegations, Belarusian First Vice President Vladimir Semashko said the sides are analyzing the possibility to widen the functioning of the joint venture with another three oilfields.

Semashko added that the new oilfields will allow the joint venture increasing its crude oil production and exploitation potential, to reach a volume of 2 million tons in 2009.

Presidents Alexander Lukashenko and Hugo Chavez reasserted their will to extend cooperation in the technological field, according to the spirit of a joint communique, issued at the end of the official talks.