Alexa

Venezuela, Peru in pacts on oil investments, trade

 Peru's President Ollanta Humala, right, gestures next to Venezuela's President Hugo Chavez upon his arrival at the airport in Puerto Ordaz, in Venezu...
 Venezuela's President Hugo Chavez, second left, speaks with Peru's President Ollanta Humala upon his arrival at the airport in Puerto Ordaz, in Venez...
 Venezuela's President Hugo Chavez,front, and Peru's President Ollanta Humala review troops upon Humala's arrival at the airport in Puerto Ordaz, in V...

Venezuela Peru

Peru's President Ollanta Humala, right, gestures next to Venezuela's President Hugo Chavez upon his arrival at the airport in Puerto Ordaz, in Venezu...

Venezuela Peru

Venezuela's President Hugo Chavez, second left, speaks with Peru's President Ollanta Humala upon his arrival at the airport in Puerto Ordaz, in Venez...

Venezuela Peru

Venezuela's President Hugo Chavez,front, and Peru's President Ollanta Humala review troops upon Humala's arrival at the airport in Puerto Ordaz, in V...

The presidents of Venezuela and Peru have reached an agreement for the Peruvian state oil company to invest in development of Venezuela's eastern Orinoco oil belt.
Venezuela's state oil monopoly will study a possible role in developing a petrochemical complex in Peru as well as helping Peru increase its production of heavy and extra heavy crude oil.
The formal agreement came during a Saturday meeting between Venezuelan President Hugo Chavez and Peruvian leader Ollanta Humala.
Later, representatives of the two governments signed agreements establishing mechanisms for transportation, storage, refining and marketing of hydrocarbons. Other pacts cover the sale in Peru of tractors and other farm implements made in Venezuela.