Mr Rafael Ramirez minister of energy and petroleum and also president of Petróleos de Venezuela said that Venezuela has executed 8 energy agreements during the second Africa and South America Summit.

Among the agreements entered into by Venezuela, he highlighted a JV with PetroSA to develop a mature oilfield in Venezuela, the progress concerning the participation of the South African company in the development of offshore natural gas reserves at the Deltana block 1, the development of GTL technology to produce diesel from gas and PetroSA's participation in a block at the Orinoco Oil Belt.

Venezuela is also discussing with South Africa the expansion of its storage capacity, as the African country is on the route of Venezuelan shipments to China. Venezuela also initialed agreements with Mauritania, where there is refining capacity and oil production prospects. Energy cooperation deals were also made with Cape Verde, Niger and Sudan.

In addition, Venezuela could supply Kenya with low cost oil under an agreement and provide technical assistance so that the African nation can produce its own oil, the Kenyan government announced.

(Sourced from www.eluniversal.com)