Belarus, Venezuela Set Up Oil Production Joint Venture

Text of report in English by Russian state news agency ITAR-TASS

Caracas, 9 December: The presidents of Venezuela and Belarus, Hugo Chavez and Alyaksandr Lukashenka, have set up a Venezuelan- Belarusian oil production joint venture. They visited the oil field Guara Este in the state Anzoategui, where the joint venture of the same name began its operation.

The Venezuelan corporation Petroleos de Venezuela and the Belarusian company Belarusnafta established the joint venture.

Hugo Chavez presented to Alyaksandr Lukashenka a symbolic measuring glass with the first “black gold”. In 2008 the oil production joint venture is planning to produce 1m tons of oil in Venezuela and up to 2m tons of oil in 2009. Petroleos de Venezuela owns 60 per cent of the stock and Belarusnafta – 40 per cent of the stock in the joint venture.

Originally published by ITAR-TASS news agency, Moscow, in English 2144 8 Dec 07.

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