Venezuela to Sign Energy Agreement With Peru, Chavez Says

Venezuela to Sign Energy Agreement With Peru, Chavez Says

By Daniel Cancel

May 17 (Bloomberg) -- Venezuelan President Hugo Chavez said he will sign an energy accord with his Peruvian President Alan Garcia, who said his country needs asphalt, a petroleum product, according to an e-mailed statement from the Venezuelan communications ministry.

The South American leaders met yesterday in Lima, Peru, at a summit between Latin American countries and the European Union. The statement did not offer further details.

President Chavez has been seeking new markets for Venezuelan oil, including crude from its Boscan oilfield that is often used for asphalt. The field is run by a joint venture between state oil company Petroleos de Venezuela SA, and California-based Chevron Corp. and typically produces 108,000 barrels a day.

Venezuela is the biggest oil exporter in the Western Hemisphere and is the fourth-biggest provider of crude to the U.S. mainland.

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