Presidents to Sign Energy Agreements -Brazil, Venezuela

The respective presidents of Venezuela and Brazil, Hugo Chavez and Luiz Inacio Lula da Silva, will sign a number of energy sector agreements when they meet later this week, Venezuela's state news service Venpres reported. The agreements will cover petrochemical purchases, the refining and sale of heavy crudes, oil and gas exploration and production, technological exchanges and electric power interconnection.

Petrobras has "excellent opportunities" to take part in Venezuela's gas sector, Venezuela's energy minister Rafael Ramirez was quoted as saying. Together with agreements regarding agriculture and infrastructure, the energy agreements could lead to US$1bn-plus investments in Venezuela. Bilateral work groups have been set up for each of the areas to be covered, Ramirez said. Chavez and Lula are scheduled to meet Friday and Saturday in Brazil's Pernambuco state capital Recife.

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