OREANDA-NEWS. July 09, 2008. Belarus plans to double oil extraction in Venezuela to reach two million tonnes in 2009, First Deputy Prime Minister of  Belarus Vladimir Semashko said at a reception dedicated to the Independence Day of Venezuela in the Palace of Republic, reported the Official website www.government.by.

Vladimir Semashko noted that the Belarusian-Venezuelan relations are developing very rapidly. Over the two years, they made a significant move forward. According to the First Vice-Premier, the visit of President of Venezuela Hugo Chavez to Belarus in 2006 laid the foundation for the bilateral cooperation. In 2007, the Venezuelan leader came to Belarus for the second time. These visits fostered a vigorous dialogue between the states in all areas. But the turning point in the bilateral relations occurred when President of Belarus Alexander Lukashenko paid a visit to Caracas in December 2007.

During this visit significant bilateral agreements were signed and what is most important, a joint enterprise on oil extraction was established.

“This joint venture is working ahead of schedule which attests to the successful implementation of this project on two oil wells. At present, we are planning to expand the extraction of oil in Venezuela,” Vladimir Semashko underlined.

First Vice-Premier noted that а strategic fund for the joint development of Belarus and Venezuela began to function and the first \\$90 million were already transferred to its account.

This strategic fund is designed to finance joint projects in different areas. The initial size of the fund is \\$500 million.

Vladimir Semashko underlined that Belarus and Venezuela are currently implementing joint projects in different areas, the major one being oil extraction. A joint venture on exploration seismology is successfully working in Venezuela. The sides have already embarked on the implementation of the agreements reached by the two countries concerning the establishment of a joint venture on the production of Belarusian machines and construction materials.

Belarusian specialists plan to install gas in the regions of Venezuela and to set up agrotowns there. The relevant documents have already been signed. Vladimir Semashko drew a special attention to the high priority attached to the Belarusian-Venezuelan relations.