Belarus will supply 300,000 tonnes of potassium fertilizers to Venezuela every year. The market share to be occupied by Belarus is estimated at 35%. The contract was signed in Venezuela’s capital city of Caracas.
Belarus and Venezuela also agreed to develop oil fields in the basin of the Orinoco. Venezuela is one of the leading producers and exporters of oil in the world, having the fifth largest proven reserves on the planet.
The oil sector accounts for over 30% of Venezuela’s GDP and over 50% of state budget revenues. Besides, a contract to supply Belarusian machinery to Venezuela was signed in Caracas. Next year the first batch of Belarusian “BelAZ” mine dump trucks will be exported across the Atlantic.
Also, Belarus’ farm machines maker “Gomselmash” will start supplying machinery to Venezuela soon. The two countries came to an agreement not only regarding supplies, but also joint assembly of Belarusian machines in Venezuela. In turn, Venezuela will export to Belarus geologic equipment necessary for exploration.
A high-level commission will be established soon to regulate specific bilateral cooperation issues.