Monday, September 1, 2008

Venezuela and South Africa to sign energy deal: official

South Africa will sign an energy agreement with oil-rich Venezuela on Tuesday that could provide alternative energy sources to Africa's powerhouse economy, the government said.
"Venezuela has one of the largest oil reserves in the world and developing commercial relations in this sector could provide alternative sources of energy to South Africa," Foreign Affairs spokesman Ronnie Mamoepa said in a statement Monday. Venezuelan President Hugo Chavez will arrive in South Africa later in the day on his first state visit to South Africa and is expected to discuss political, trade and economic relations with President Thabo Mbeki. Also on the agenda is the strengthening of South-South relations - between the two continents - and the second Africa-South American Community of Nations Summit to be hosted by Venezuela in November. A crisis in South Africa's coal-driven electricity supply brought the country's key mining industry to a halt earlier this year with massive blackouts blamed for poor first quarter growth. Venezuela, a member of oil cartel OPEC (Organisation of Petroleum Exporting Countries), has one of the world's largest oil reserves. The two countries will also discuss mining, armament, agriculture and public works as well as strengthening of South-South relations through cooperation in the Non-Aligned Movement and the G77 + China fora, the statement added. Chavez is scheduled to leave on Wednesday.

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