Mbeki and Chavez shake on oil deal

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Venezuela and South Africa signed a recently to strengthen cooperation between their oil and gas industries. Oil-rich Venezuela is expected to supply crude to the South African oil firm Petro SA at preferential rates.

Venezuela and South Africa signed a deal recently to strengthen cooperation between their oil and gas industries. Oil-rich Venezuela is expected to supply crude to the South African oil firm Petro SA at preferential rates.

The deal is particularly important for South Africa, which has been plagued by energy shortages. Both Presidents Thabo Mbeki of South Africa and Hugo Chavez of Venezuela termed the deal an example of southern nations cooperating in a new strategic alliance.

"It will be a wonderful day, the day when the first Venezuelan tanker will stop by to leave oil for South Africa," Chavez said. He also encouraged Petro South Africa to explore oil resources in Venezuela.

Special to the NNPA from GIN

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