OREANDA-NEWS. February 19, 2008. Belarus and Venezuela plan to set up a joint venture on oil well boring and overhaul. The agreement has been reached during an official visit of the Belarusian delegation headed by Viktor Sheiman, the State Secretary of the Security Council, a co-chairman of the Belarusian-Venezuelan joint top-level commission, to Caracas.

During the bilateral talks on February 18 Viktor Sheiman and Hugo Chavez , the President of the Bolivarian Republic of Venezuela, discussed a wide range of issues related to the development of the bilateral cooperation. The President of Venezuela praised the results of the joint work.

The two sides agreed upon financing the projects to construct plants in Venezuela with the participation of Belarus’ MAZ, BelAZ and MTZ, and determined the start point of the 5,000-apartemnt construction project and reconstruction of the Miraflores district in Caracas.

A Venezuelan delegation is expected to visit Belarus to consider foodstuffs deliveries to Venezuela.

The two countries have agreed to develop the Strategic Development Fund of the Republic of Belarus and the Bolivarian Republic of Venezuela.