Turkey, Venezuela agree on fuel trade
Baku, November 6 (AZERTAC). Thirsty for more energy resources to secure the turning of the cogs of its industry, Turkey agreed to buy fuel from Venezuela. Turkey will also invest in the oil and gas sector of the South American country, which has one of the largest proven oil reserves in the world.
Energy-hungry Turkey has agreed to buy fuel from producer Venezuela and invest in its oil and gas sector, its energy minister said on Thursday.
Turkey`s Energy Minister Taner Yıldız said he and Venezuelan Foreign Minister Nicolas Maduro signed an agreement to explore, develop and refine hydrocarbon fuels in the Latin American country.
He told reporters in the Turkish capital after talks with Maduro that the investment in Venezuela, the world`s fifth-largest producer of crude oil, would help Turkey, which imports about 95 percent of the oil it consumes, cover its oil needs.
Turkey has sought to boost ties with Latin American countries to explore for oil and gas since 2007. The state-run Turkish Petroleum Corporation (TPAO) has also had talks with Bolivia and has explored for natural gas and oil in Colombia. “This agreement allows for cooperation with Turkey over a broad spectrum in the energy field,” Maduro said, speaking through a translator.
Maduro said Venezuela wants Turkish companies with experience in petrochemicals and refining to operate there.
Initially, Turkey will receive fuel from Venezuela, then the two countries will make joint investments and cooperate on oil exploration in third countries, he said.
In Turkey for a series of official visits, the Venezuelan minister was also received by his Turkish counterpart, Ahmet Davutoğlu, on Thursday.
The two ministers held a joint press conference after the meeting. Davutoğlu said Maduro`s visit marked the first ever visit by a Venezuelan official to Turkey and is the first official gathering in the last 11 years. The Turkish and Venezuelan economies are complementary to each other, he said, and expressed the intention to boost relations between the two nations regardless of the huge distance between them.
A great potential exists especially in the energy field, Davutoğlu noted, and added that Thursday`s deal on energy cooperation would be a serious propellant raising relations to much higher levels.
He also noted that a mutual understanding has been reached to improve air and sea transportation channels between the two countries.
Maduro also delivered a speech after his meeting with Davutoğlu in which he called on Turkish investors, especially those in the construction sector, to invest in the Orinoco region.
Maduro came to İstanbul on Friday and paid a visit to the administration of the Turkish-Americas Business Councils, which operates under the auspices of the Foreign Economic Relations Board (DEİK).
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