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Seven New Agreements
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Brazil, Venezuela Sign
Seven New Agreements
BRASILIA - Brazilian
President Luiz Inacio
Lula da Silva and his
Venezuelan counterpart
Hugo Chavez inked seven
agreements on Tuesday 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 at a joint press
conference held in the
northern Brazilian city
of Manaoz.
The agreements, signed
during their regular
meeting, includes
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
million 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
begun to work on the
project and the two
companies are
negotiating a
partnership in which
Petrobras is to hold a
60-percent stake and
PDVSA, a 40 percent
stake.
Details of this
cooperation are yet to
be worked out.
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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