Venezuela Looks East to Strengthen 'Hugo Chavez' Oil Belt

Moscow and Caracas also have more than 261 agreements to strengthen the economic development of both nations.

Under U.S. sanctions, Venezuela is making progress in developing its oil and gas potential with the support from Russia and China.

RELATED: Venezuela's Government Appoints Eulogio Del Pino as New Oil Minister

On Tuesday, Venezuelan Oil Minister Eulogio Del Pino met Russian Ambassador to Venezuela Vladimir Zaemskiy to review joint investment plans for the different Russian companies operating in this country.

Russia is a minority partner of the Petrovictoria, Perforosven, Petromonagas and Petromiranda companies operating in the Orinoco Oil Belt, the world's largest oil reserve, in addition to the Boqueron and Petroperija projects in Zulia state. In 2014, the Oil Belt was named after late president Hugo Chavez.

Both countries are now currently moving forward in the study plans to develop gas projects in the Paria Peninsula in Sucre state, especially the Patao and Mejillones fields belonging to the Mariscal Sucre Project.

Besides that, Moscow and Caracas have more than 261 agreements to strengthen the economic development of both nations.

Gazprombank, the third largest investment bank in Russia, is one of the largest investors in Venezuela to develop energy projects. In the last two years, it invested more than US$1 billion in projects executed by Petrozamora.

In another event, Venezuela’s Vice President of Planning, Ricardo Menendez, said on Wednesday the country’s authorities assessed to expand China's shareholding in the joint venture Petrosinovensa.

RELATED: Sanctions Against Venezuela Will Make Things Worse: UN Expert

He said China showed interest in participating in the reactivation of 800 wells of the Oil Belt in Anzoategui state to increase production by 42,000 oil barrels per day.

A new refinery will also be developed in China along with the China National Petroleum Corporation (CNPC).

Del Pino said this project opens a space for the South American country's oil to join the Asian market.

"This is coupled with a very aggressive marketing scheme that has been developing with a joint venture with China that offers us an advantage of reducing costs in the transportation of crude oil," he said.

  • Published in World

Palestinians in Lebanon Pay Tribute to Fidel Castro and Hugo Chavez

The Democratic Front for the Liberation of Palestine (DFLP) paid posthumous tribute today to the historic leader of the Cuban Revolution, Fidel Castro, and late Venezuelan President Hugo Chavez, whom they praised as paradigms of solidarity and resistance.

The DFLP political bureau handed over to the charge d'affaires of the Cuban Embassy in Lebanon, Raul Madrigal, some plaques of recognition of the recently-deceased Cuban statesman and the Bolivarian leader, who passed away four years ago today.


'We are grateful of the Palestinian brothers for this tribute, for me as a Cuban who is far from his land, seeing an image of Fidel Castro, whose fighting spirit is present in so many Palestinian brothers here today is very exciting,' Madrigal said to the audience.

The main legacy of the Commander-in-Chief of the Caribbean Revolution was the example of 'always fighting and resisting', and that is the message that moved the Palestinians from the DFLP at the commemoration of the 48th anniversary of its foundation, he stressed.


The Cuban diplomat, who promised to hand over to the Venezuelan Embassy in Beirut the recognition of Chavez, recalled that the Front has fought for many years against Israeli occupation, and urged to maintain the will of resistance.

That will is going to lead to the final victory, he added, after congratulating the DFLP members and supporters gathered at a theater near Dahiyeh, in the southern suburbs of Beirut.

Speaking at the main event, the head of that organization in Lebanon, Ali Faysal, said that the DFLP should end division and make further efforts in this 48th anniversary to hold a new Palestinian National Council to recover the national collegiate program.


Faysal called on the Arab left wing to join and establish along with Palestine a multifaceted popular resistance movement against Israeli occupation, abandon the 'humiliating ties' of the Oslo Accord, stop recognizing Israel and boycott its economy.

He also called on friendly countries in Latin America to further increase their political support until the Palestinian people achieve their inalienable rights.

Founded in 1969 by Nayef Hawatmeh after leaving the Popular Front for the Liberation of Palestine, the DFLP advocates to 'defeat all efforts to betray illusory solutions and to recover the national program, the right to return (Palestine), self-determination and independence.'


The group affiliated to the Palestine Liberation Organization (PLO) reiterated its commitment to establishing an independent state with its capital in East Jerusalem and to end Zionist occupation.


Faysal also urged to 'end cooperation and coordination in the field of security with the illegal occupants, taking up resistance and the popular uprising, and developing and protecting it with a view to transforming it into a global national insubordination.'

Venezuelan Army Calls Removal of Bolivar and Chavez Pictures an "Insult"

CARACAS - The National Bolivarian Armed Forces, or FANB, expressed its "deep indignation" Thursday over the removal of the portraits of Simon Bolivar and Hugo Chavez from the Venezuelan National Assembly, or AN, on the order of Henry Ramos Allup, president of the now opposition-dominated Legislature.

  • Published in World

Chavez's Legacy: 2 Years On

It's two years since that windy afternoon that Nicolas Maduro went on television and announced that a huge international and rebellious voice had died. And perhaps the size and intensity of the events that followed were some measure of the huge impact he had.

  • Published in World

Documentary Chavez and Fidel Forever to Premier in Havana

The documentary Chávez y Fidel para siempre (Chavez and Fidel Forever) by Roberto Chile and Fabiola López will have its premiere on February 21 at the Morro-Cabañas Hostoric-Military Complex, venue of the Cuba 2015 International Book Fair.

  • Published in Culture

Book on Hugo Chávez Launched in Havana

The book Hugo Chávez, Mi Primera Vida (Hugo Chávez, My First Life), by writer and journalist, Ignacio Ramonet, was launched by the author in Havana’s José Martí Memorial.
  • Published in Culture
Subscribe to this RSS feed