OREANDA-NEWS. September 28, 2012. In the framework of the First Argentina-Venezuela Integration Meeting for Oil and Industrial Development, the chambers of oil, gas and energy industry suppliers of the two countries agreed to create a South American Federation of Oil Industry Suppliers.

Representatives of these chambers signed a joint declaration in which they laid the foundations to reach this goal. They stressed that the alliance is a result of understanding local realities in the framework of the Common Market of the South (MERCOSUR) and the Union of South American Nations (UNASUR).

The businessmen expressed their commitment to continue the work undertaken by the governments of Argentina and Venezuela, and to promote oil and industrial integration and development to substitute extra-regional imports, and revitalize domestic companies, increase technological sovereignty and strengthen technological sovereignty and enhance exportable goods.

The two poles of oil and industrial development have proposed cooperation under a Business Integration Plan that provides for the partial substitution of imports from the United States and the European Union for products and/or services made by Argentine and/or Venezuelan companies.

The technological development of new products and their international rating are expected to be increased. The parties are also planning to create alliances between Argentine and Venezuelan small and medium enterprises (SME).