26-03-07 Venezuelan President Hugo Chavez granted Belarus the rights to develop oil fields in the South American country, the government of the former Soviet republic said. The fields will be able to pump up to 2 mm tons of oil a year (40,000 bpd), the government said.
Chavez made the announcement during a meeting with Belarus officials in Caracas.

The Venezuelan leader has said that establishing closer relations with countries such as Belarus, China and India will help Venezuela diversify oil sales. Venezuela, the third largest OPEC oil producer in February, plans to reduce the percentage of oil exports it ships to the United States, Chavez has said.
Belarus depends on Russia and other former Soviet Union countries for its energy supplies. Russia's trade volume with Belarus reached $ 1.4 bn in January, an 8.1 % increase from the same period last year.

Russian exports to Belarus reached $ 868.9 mm and were mainly composed of natural gas, oil products and metals, according to the Belarusian Economy Ministry.
Belarus concluded agreements with Venezuela as of March 24, including a contract to export seismic exploration equipment and tractors to Venezuela.