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Venezuela, Peru in pacts on oil investments, trade

January 8, 2012 • Business


Venezuela’s President Hugo Chavez, left, Peru’s President Ollanta Humala, front center, and Venezuela’s Minister of Energy and Petroleum Rafael Ramirez, right, looks at documents during a visit to oil installations in the faja petrolifera del Orinoco, or Orinoco oil belt, in the state of Monagas, Venezuela, Saturday Jan. 7, 2012. Chavez and Humala reached an agreement for the Peruvian state oil company to invest in development of Venezuela’s eastern Orinoco oil belt. Venezuela’s state oil monopoly will study a possible role in developing a petrochemical complex in Peru as well as helping Peru increase its production of heavy and extra heavy crude oil. (AP Photo/Ariana Cubillos)

CARACAS, Venezuela (AP) — The presidents of Venezuela and Peru have reached an agreement for the Peruvian state oil company to invest in development of Venezuela’s eastern Orinoco oil belt.

Venezuela’s state oil monopoly will study a possible role in developing a petrochemical complex in Peru as well as helping Peru increase its production of heavy and extra heavy crude oil.

The formal agreement came during a Saturday meeting between Venezuelan President Hugo Chavez and Peruvian leader Ollanta Humala.

Later, representatives of the two governments signed agreements establishing mechanisms for transportation, storage, refining and marketing of hydrocarbons. Other pacts cover the sale in Peru of tractors and other farm implements made in Venezuela.

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