Venezuela agrees oil for food deal with Portugal
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Venezuela has agreed to send 30,000 barrels per day of crude oil to Portugal by the end of the year in exchange for food, goods and services.
President Hugo Chavez met with the Portuguese prime minister, Jose Socrates, in Caracas yesterday where they signed 14 cooperation agreements to expand economic relations between the two countries.
Under the new deal, Venezuela will initially send Portugal 10,000 barrels of oil per day, which is expected to increase to 30,000 by the end of 2008.
Portugal has agreed to pay for the oil, worth almost $1 billion (£500 million), with technology, medicine and other goods and services
"With the prime minister's visit, we can say that the time has come for relations between Portugal and Venezuela to be put at a high level by our peoples, by our governments - a level that matches the feeling of deep brotherhood between our peoples," Mr Chavez said.
The agreement comes ahead of the European Union (EU)-Latin America and Caribbean summit in Lima, which EU Trade Commissioner Peter Mandelson said he hopes will expand trade negotiations between the two regions.
"Continued cooperation of this kind elevates the position of both Portugal and Venezuela, and both will profit directly from this relationship.
"Other potential benefits include those open to the multitude of overseas investors with, or looking to place, funds in Venezuela. An increase in Venezuela's international standing will likewise see an increase," Matt Legg, Emerging Earth.
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