Japan, Venezuela to work in joint oil, gas development available (Roundup)

Apr 7, 2009, 11:26 GMT

Tokyo - Japan and Venezuela have signed an agreement to establish a working committee to pursue eight gas and oil development projects in Venezuela, visiting President Hugo Chavez said Tuesday in Tokyo.

'Friendly relations between Japan and Venezuela symbolizes independent nations that have free governments, which means we can make our own independent decisions,' Chavez said at a press conference, adding that he was 'satisfied' with the content of the bilateral meeting with Japanese Prime Minister Taro Aso.

Under the agreement signed Monday, the two nations are to jointly work on natural oil and gas development in resource-rich Venezuela.

Japanese firms plan to invest in the Orinco oil belt, gas production and processing, liquified gas projects and others in the Latin American nation.

The total investment over the next five years is estimated at about 33.5 billion dollars, the president said.

'Japan is one of the richest nations in the world, while Venezuela belongs to the third world,' Chavez said. 'But the we are trying to create a role model of such friendly relations built upon mutual respect for equal rights.'

On North Korea's rocket launch, the Venezuelan president said that his government's stance is 'to remain prudent.'

Known for his critical view of the United States and former President George W Bush's administration, Chavez praised President Barack Obama's vision for a world without nuclear weapons.

'I am ready to hold out my hand [to Obama] to invite him to our side that cherishes the lives of mankind,' Chavez said.

The president left Tokyo late Tuesday for Beijing.

Chavez indicated that he plans to sign an agreement on investments worth 4 billion dollars with China.