Venezuela, Turkey discuss oil-for-funds program

14:55, January 20, 2011      

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Senior officials from Venezuela and Turkey held an in-depth discussion on an oil-for-funds program Wednesday.

Venezuelan Energy and Oil Minister Rafael Ramirez said in exchange for oil, Turkey will finance this country's infrastructure and housing projects, but he did not mention how much and when oil will be supplied.

Turkey will also invest in the oil-rich Orinoco Strip in the east of Venezuela, he said.

According to Venezuelan officials, Turkey's Energy Minister Taner Yildiz stressed at the meeting both countries' potential for energy cooperation based on Venezuela's oil producing capacity and Turkey's "need for energy sources."

Moreover, a Venezuelan oil refinery to be built in Turkey had been given the green light from the Turkish government.

Source: Xinhua

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