Venezuela and Zimbabwe sign energy cooperation agreement
Venezuelan President Hugo Chavez and Zimbabwe's President Robert Mugabe signed an energy cooperation agreement to
share technology and develop mining in the African nation.
"Venezuela and Zimbabwe recognise the common interest to promote and accelerate economic and technical development in the area of energy and mining," stated the agreement, signed on the eve of an international summit of developing nation in Caracas.
Under the agreement, the two countries would exchange technological experience and information to further energy and
mining development while establishing joint projects for mining exploration, production and sales.
Mugabe is in Venezuela to attend the Group of 15 summit of developing nations will focus on using oil revenues as a way to fight poverty. Energy cooperation accords, such as the one signed between Venezuela and Zimbabwe, would help liberate developing nations "that have remained susceptible to the dominance of the western countries," said Mugabe.
There are acute gasoline shortages in Zimbabwe, which is caught in its worst political and economic crisis since
independence from Britain in 1980.
Venezuela is a poor country despite being the world's fifth-largest oil producer.