RIA Novosti reported that Belarus and Venezuela signed a contract on under which the Latin American country will annually supply 10 million tonnes of oil to the ex-Soviet republic in 2011 to 2013.
Belarusian and Venezuelan leaders Mr Alexander Lukashenko and Mr 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.
Mr Vladimir Semashko Belarusian First Deputy Prime Minister said that the joint venture currently owns five oil field producing 820,000 tonnes of oil per year. Under the memorandum, two other oil fields will join them helping to increase annual production to 1.2 million tonnes to 1.3 million tonnes.
(Sourced from RIA Novosti)