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Venezuela ready to buy Azerbaijani oil to meet contractual obligations to Belarus

Venezuela is ready to buy crude from Azerbaijan to meet its contractual obligations to deliver 30 million tons of oil to Belarus between 2011 and 2013, Americo Diaz Nunez, the Venezuelan ambassador in Minsk, told reporters via video link on January 6.

He promised that Azerbaijani oil shipped to Belarus would have the same quality as Venezuela's light sweet Santa Barbara crude.

"There may be a situation where Venezuela is not capable of producing 10 million tons of oil, which is in demand across the world, or where transport problems arise," Mr. Nunez warned.

If that is the case, Venezuela's PDVSA will buy oil from Azerbaijan to bring the annual amount supplied to Belarus to 10 million tons, according to the diplomat.

Azerbaijani oil bought by Venezuela would be supplied to Belarus through a pipeline and Minsk would pay the Caucasian country only for its transportation.

Mr. Nunez stressed that oil trade between Belarus and Venezuela benefited both countries.

He noted that the deal allowed Venezuela to enter new markets and made it possible for Belarus to diversify suppliers of energy resources.

"Apart from a reliable partner and beneficial terms, the country receives high-quality oil, which is much more beneficial to process. The Belarusian party pays for oil deliveries within a set period and at a market price," he said.

The ambassador noted that Belarus had been invited to join international alliances developing oil fields in Venezuela's Orinoco River basin. //BelaPAN