Oil Report

Venezuela's Chavez sees $33.5 bln in Japan cooperation

TOKYO, April 7 (Reuters) - Venezuelan President Hugo Chavez said on Tuesday that projects his country had signed with Japan would be worth $33.5 billion in investment for Venezuela.

Japan and Venezuela agreed on Monday on cooperation in developing oil and gas projects in the Latin American nation, deepening bilateral ties to help diversify sources of energy for the resource-poor Asian country. [ID:nT154265]

In one of the projects, state-affiliated Japan Oil, Gas and Metals National Corp (JOGMEC), Inpex Corp and Mitsubishi Corp will pursue a joint feasibility study with Venezuela on the Orinoco oil belt over the next two years.

Chavez said this project would be worth $8 billion over the next five years. (Reporting by Chang-Ran Kim; Writing by Chikako Mogi; Editing by Hugh Lawson)