Japan, Venezuela agree on oil, gas developments

04/13/2009
Japan and Venezuela, following meetings in Tokyo between Venezuelan President Hugo Chavez and Japanese Prime Minister Taro Aso, have agreed to investments of $33.5 billion to develop oil and gas projects in Venezuela for Japanese markets.“Japan needs oil. Venezuela wants to diversify its market. Japan is ideal for us,” Chavez said, adding that the two countries plan to cooperate in 12 projects altogether over the next 5 years, including one of $8 billion on a block in the Orinoco belt.Chavez said he wants to supply Japan “in the future” with 1 million b/d of oil—about one third of the South American nation’s current oil production, according to official...

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