Venezuela, Belarus to Double Joint 20,000 B/D Ouput

Petroleos de Venezuela S.A.
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CARACAS (Dow Jones Newswires), July 23, 2008

Venezuela's President Hugo Chavez said that Petroleos de Venezuela, or PdVSA, and Belarus' Belorusneft plan to double their joint production which now stands at 20,000 barrels of crude a day.

"We produce 20,000 barrels of crude a day in three fields and we're going to add another three fields so we can double that output," Chavez said in remarks televised Wednesday by state-owned television channel Venezolana de Television.

Since 2007, both countries have signed a series of accords particularly in the areas of mining and energy. Chavez said both partners are doing what's necessary to launch a mining truck manufacturing company, among a host of other business projects.

During his time in office, Chavez has cemented ties with Russia, Belarus, China and Iran in what the president calls a policy to foster a multipolar world where the U.S. has a limited influence.

Copyright (c) 2008 Dow Jones & Company, Inc.


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