Belarus and Venezuela signed a contract on Saturday, under which the Latin American country will annually supply 10 million metric tons of oil to the ex-Soviet republic in 2011-2013.
Belarusian and Venezuelan leaders Alexander Lukashenko and Hugo Chavez attended the signing of the contract by the state-run Belarusian Oil Company and Petroleos de Venezuela.
The companies also signed a memorandum on the development of two oil fields in Venezuela by Petrolera BeloVenezolana joint venture, which was launched in 2007.
Belarusian First Deputy Prime Minister Vladimir Semashko told RIA Novosti that the joint venture currently owns five oil field producing 820,000 tons of oil per year. Under the memorandum, two other oil fields will joint them helping to increase annual production to 1.2-1.3 million metric tons.
Chavez, who is currently in Belarus on the fourth visit, said earlier on Saturday, ""Venezuela has the largest oil reserves and Belarusian refineries will have enough oil for another 200 years."
Venezuela started regular oil supplies to Belarus in the spring of 2010 and hold a 40% stake in the joint venture.
MINSK, October 16 (RIA Novosti)