Counting the pennies: Hugo Chavez
Chavez pegs Japan cash at $33.5bn
Venezuelan President Hugo Chavez said today that projects his country had signed with Japan would be worth $33.5 billion in investment for Venezuela.
Japan and Venezuela agreed yesterday to co-operate on developing oil and gas projects in the Latin American nation, deepening bilateral ties to help diversify sources of energy for the resource-poor Asian country.
In one of the projects, state-affiliated Japan Oil, Gas & Metals National Corp (Jogmec), Inpex and Mitsubishi Corporation will pursue a joint feasibility study with Venezuela in the Orinoco oil belt over the next two years.
Reuters quoted Chavez as sayig this project would be worth $8 billion over the next five years.