Brazil and Venezuela sign seven new agreements

Oct 01, 2008 02:00 AM

Brazilian President Luiz Inacio Lula da Silva and his Venezuelan counterpart Hugo Chavez signed seven agreements in a bid to step up bilateral cooperation.
"The impact of these agreements in Venezuela is amazing. I want to thank Brazil for its disinterested cooperation," said Chavez in the northern Brazilian city of Manaoz.

The agreements, signed during their regular meeting, include building an iron and steel plant and furthering cooperation on installation of a refinery. The two presidents meet every three months to discuss bilateral cooperation.
Under the agreement on the iron and steel plant, Brazilian company Andrade Gutierrez will build for the National Iron and Steel of Venezuela a plant capable of producing 1.5 mm tons of steel per year in the state of Bolivar.

The refinery agreements set conditions for Brazil's state oil company Petrobras and Venezuelan state oil company PdVSA to jointly build a refinery, Abreu e Lima, in Brazil's Pernambuco state. Petrobras has already begunto work on the project and the two companies are negotiating a partnership in which Petrobras is to hold a 60-% stake and PdVSA, a 40 % stake.
The two countries also signed agreements on house construction, aerial services and agriculture. According to both presidents, these agreements will enable oil-rich Venezuela to use its resources to invest in industry and agriculture.

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