Brazil and Venezuela Sign Cooperation Agreement

The presidents of Brazil, Luiz Inácio Lula da Silva, and Venezuela, Hugo Chavez will meet to ratify a mutual cooperation agreement between the two countries for the development of the petroleum industry.

Earlier this week the Brazilian Mines and Energy Minister, Dilma Rousseff, his Venezuelan counterpart, Rafael Ramirez, Petrobras International Director Nestor Cervero and Ali Rodriguez, President of PDVSA met in Rio de Janeiro to discuss the main points of the mutual cooperation agreement.

It was decided that the areas of cooperation would occur in refining and commercialization of heavy crude; exploration and production in Venezuela, technological exchange of ideas and joint activities in the areas of petrochemicals and natural gas.

After the meeting representatives from both PDVSA and Petrobras began to organize groups to carry the decisions made at the meeting. The exchange of ideas and information will enhance the potential and synergies already identified between the two companies. The two countries will, also, jointly with other entities in the oil & gas sector promote the exchange of experiences and ideas in other industries related to the oil & gas sector.