Japan and Venezuela have agreed to jointly pursue several oil and gas projects, writes BBC online Tuesday.
The agreements were reached during the visit to Tokyo of Venezuelan President Hugo Chavez.
They include plans to explore for new oil sources in Venezuela’s Orinoco belt, develop a new natural gas field and fund the upgrading of refineries.
Venezuela has some of the world’s largest oil and gas reserves but the oil price drop has hit financing.
Japanese Prime Minister Taro Aso and Mr Chavez agreed to set up a working team to explore the possibility of the development of oil at Venezuela’s Orinoco oil belt and liquefied natural gas, as well as funding for the operations, Japanese foreign ministry officials said.
The two countries aim to become “energy allies”, with Venezuela hoping to eventually supply Japan with one million barrels of oil per day, Mr Chavez was quoted as saying by Venezuela’s state-run Bolivarian News Agency, or ABN.
The president said Japanese companies could also be involved in railway projects, housing and highway construction in Venezuela, BBC adds.
