Belarus and Venezuela reach agreement on oil shipments

The first days talks between Belarus President Alexander Lukashenko and Venezuelan President Hugo Chavez has seen the two nations reach agreement on oil shipments to Belarus.

The Venezuelan President, hosting President Lukashenko, confirmed that Venezuela will deliver 80 thousand barrels of oil daily which will be sold in Europe after refining.

"We confirmed readiness to back Belarus in the energy sphere and will sign an agreement on oil deliveries over the next few hours,"

President Lukashenko of Belarus confirmed that the leaders had "agreed conditions of Venezuelan oil deliveries to the Belarussian market where we can refine it and to sell jointly to the European market,” adding that the two nations are looking to boost production.

"Our enterprise, operating jointly with our Venezuelan brothers, mines annually around one million tonnes of oil, and we are ready to increase oil recovery,"

Business ties between the two nations are expected to be boosted by further deals involving automotive and building materials production.