RIYADH, 11 February — In response to an invitation extended by Custodian of the Two Holy Mosques King Fahd, Venezuelan President Hugo Chavez will arrive here next Saturday to discuss a "new vision" oil policy with top Saudi officials. Carlos Pestana, deputy chief at the Embassy of Venezuela said here yesterday that the summit-level talks will also focus on relations between the two countries, both of which are the founding members of the Organization of Petroleum Exporting Countries (OPEC.)
Pestana said Chavez's visit to the Kingdom was expected to boost bilateral ties. The visit of the Venezuelan president is important and beneficial as the two countries are keen to maintain stability in world oil market and to set down a balanced policy that will ensure the interests of both producers and consumers.
Crown Prince Abdullah, deputy premier and commander of the National Guard, visited Caracas in September last year to attend celebrations marking OPEC's 40th anniversary.
Venezuela, which has discovered new oil fields recently, is the third largest oil producing country within OPEC after Saudi Arabia and Iran. Caracas has been pumping some three million barrels of oil per day. The petroleum sector dominates the country's economy, accounting for a third of the GDP. A steep downturn in international oil prices fueled a recession in the country spurring the Chavez administration to co-operate with an OPEC-led production cut to stabilize oil prices.
Pestana said Chavez, accompanied by an 80-member delegation, would meet with businessmen at the Riyadh Chamber of Commerce and Industry. He is also scheduled to visit Saudi Aramco, the industrial cities of Jubail and Yanbu and King Abdul Aziz Historical Center in Riyadh.
The two countries signed a framework agreement for promoting economic, technical and scientific cooperation last year.
Pestana said President Chavez would also make an announcement to built a new Venezuelan embassy in the Riyadh Diplomatic Quarters, where that country has acquired a 6000 sqm plot of land. Caracas will also beef up its diplomatic presence in Qatar by building a new Venezuelan chancery in foreseeable future.
