Belnaftakhim intends to start pumping oil in Venezuela this year :: Charter'97 :: News

The Belarusian State Petrochemical Concern (Belnaftakhim) is planning to start pumping oil from fields in Venezuela this year, Belnaftakhim deputy head Mikhail Asipenka said at a conference on exports of Belarusian petroleum products in Minsk on Thursday.

Belarus is expected to pump up to two million tons of oil in Venezuela a year.

Mr. Asipenka said that a joint company would be set up by the end of this year for developing oil fields.

He recalled that Venezuelan President Hugo Chavez had allowed the allocation of oil fields to Belarusian companies and that several agreements on the establishment of the joint company had been signed during March`s visit to Caracas by a Belarusian delegation.

"Why is it profitable for China to pump oil in Venezuela and is not profitable for us? We are not obliged to carry oil to Belarus for refining. We are planning to sell it there closer to major markets and buy energy resources here from those Russian companies with the earned funds."

"The search of new strategic partners and export markets, the possibility of Belarusian experts` participation in oil production abroad is becoming a priority in Belarus` foreign policy," he added.