Ukraine plans to launch oil and gas extraction in Venezuela in the near future, Ukrainian President Viktor Yanukovych said on Monday.
The statement came during Venezuelan President Hugo Chavez' visit to Ukraine that followed his stay in Russia and Belarus.
The Ukrainian government has moved to diversify its energy imports as of late in order to decrease its dependence on Russia, its main oil and gas supplier.
During a joint news conference with Chavez that followed talks in Kiev, Yanukovych said energy cooperation would be a "key issue" in relations between Kiev and Caracas.
Chavez said in his turn that Venezuela was interested in Ukrainian and Russian investments in its energy sector.
"Ukraine should extract oil and gas there [in Venezuela]. It is very important for us, and we agreed today to step onto this path," he said.
Venezuela has one of the largest oil and natural gas reserves in the world. The country's oil deposits, estimated by the government at 316 billion barrels, make it one of the world's top ten oil exporters.
According to the World Bank, oil trade accounts for more than 30 percent of the country's gross domestic product (GDP), approximately 90 percent of exports and half of the government's revenues.
Russia and Belarus are also involved in oil projects in Venezuela.
KIEV, October 18 (RIA Novosti)
