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Venezuela, Chile boost ties, agree to develop Orinoco fields
By Theresa Bradley
Bloomberg
CARACAS
Petroleumworld.com 04 19 07
Venezuelan President Hugo Chavez and his Chilean counterpart Michelle Bachelet agreed to boost energy and economic ties between their nations, forming a joint venture to develop Venezuela's oil-rich Orinoco Belt.State-run Petroleos de Venezuela SA will work with Chile's national oil company, Empresa Nacional de Petroleo, known as Enap, to certify heavy-crude reserves in the Orinoco's Ayacucho Block 5. The area is home to four privately operated foreign joint ventures that Chavez is pushing out in favor of new mixed companies formed with other state firms, including those from Argentina, Belarus, Brazil, Cuba, China, Iran and Russia.
``Nature wanted Venezuela to be a reservoir of reserves,'' Chavez said at the presidential palace in Caracas, where he met with Bachelet today. ``We'll take the best of ourselves, and with love for our countries, work together.''
Bachelet's state visit, her first to Venezuela, began Monday at the South American Energy Summit, hosted by Chavez on Margarita Island.
Her trip comes after a series of public spats between the two nations, piqued last week when Chavez branded Chile's conservative-controlled legislature ``a bunch of fascists,'' after the body issued a resolution condemning his plans to close an anti-government television station in Venezuela.
``It's obligatory that we overcome our obstacles and march together toward a better destiny,'' Chavez said today. ``We put ourselves at the service of the work we have together and set our differences aside.''
The leaders today also signed agreements boosting economic cooperation between small and medium-sized companies in their countries, increasing educational exchange between their foreign ministries, and cooperating in plans to promote women's rights.
Chile signed a separate cooperation accord with the Caracas- based Andean Development Corp, to boost ties with the regional multilateral lender.
Bachelet is scheduled to meet with members of Venezuela's opposition political parties later tonight.
To contact the reporter on this story: Theresa Bradley in Caracas at tbradley7@bloomberg.net .
Bloomberg 18 04 07
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