BELARUS NEWS AND ANALYSIS

DATE:

09/12/2007

Venezuela, Belarus set up oil production joint venture

CARACAS, December 9 (Itar-Tass) -- The presidents of Venezuela and Belarus Hugo Chavez and Alexander Lukashenko established a Venezuelan-Belarussian oil production joint venture. They visited the oil field Guara Este in the state Ansoategui, where the joint venture of the same name began its operation. The Venezuelan corporation Petroleos de Venezuela and the Belarussian company Belorusneft established the joint venture.

Hugo Chavez presented to Alexander Lukashenko the symbolic measuring glass with the first 'black gold'. In 2008 the oil production joint venture is planning to produce one million tons of oil in Venezuela and up to two million tons of oil in 2009. Petroleos de Venezuela owns 60% of the stock and Belorusneft - 40% of the stock in the joint venture.

Source:

http://www.itar-tass.com/eng/level2.html?NewsID=12161926&PageNum=0