A New Food for Oil Program

A preliminary agreement has been signed between Venezuela and Argentina to swap fuel for food to avoid an energy crisis in the latter due to a lack of natural gas supplies, local newspapers reported.

Argentina's President Nйstor Kirchner, planning minister Julio de Vido and the president of Venezuela's state oil company PDVSA, Alн Rodrнguez, signed the deal on Monday in Buenos Aires.

The final agreement will be signed in Caracas on April 6, the papers reported.

Under the arrangement, PDVSA will export 700,000 tonnes of fuel oil and 250,000 cubic meters of gas oil to Argentina within 30 days in return for meat and grains, newspaper Clarнn quoted De Vido as saying during a press conference.