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Home >> Business
UPDATED: 15:06, August 11, 2005
Venezuela, Uruguay reach deal on closer economic, political cooperation
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Uruguayan President Tabare Vazquez on Wednesday signed with his Venezuelan counterpart Hugo Chavez a package of accords on closer oil and economic cooperation between the two countries.

Under the agreements, Venezuela is to provide low-cost crude oil for refining at Uruguayan refineries for 25 years. The processed oil will be used to meet Uruguay's energy needs with the rest to be exported to South American countries.

In return, Uruguay will export a large amount of agricultural, telecommunications and service products to Venezuela.

Other joint efforts in the works include plans for an alcohol distillation project with Uruguay near its northeastern border with Brazil and a cement plant which will export from Uruguay to Venezuela 10 million US dollars worth of cement annually.

In the political field, the two presidents agreed to strengthen consultation and cooperation to help promote the process of South America's integration.

Chavez, who arrived here Tuesday night, plans to fly later Wednesday to Argentina, followed by his final stop in Brazil to meet President Luiz Inacio Lula da Silva before returning home Saturday.

Source: Xinhua

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