Egypt and Venezuela Sign Energy Agreement

The Venezuelan Energy and Mines Ministry has signed a memorandum of understanding on with the Egyptian Energy and Petroleum Ministry, according to Venezuelan Minister Rafael Ramirez. This memorandum has three aspects: first, exchange of information, which covers the development of joint programs and projects in the areas of exploration, exchange of production technology and gas processing; and the formulation of new refining strategies. Second, a technical-scientific working group formed by experts from both ministries, which will meet twice a year. Third, the regulatory part of the agreement covers the transfer of information on bidding processes in both countries to create incentives for trade in hydrocarbons. The memorandum also included Venezuela's proposal on the design of joint policies to preserve sovereign control over the energy resources of both countries.