Belarus’ trade with Venezuela totaled $1.3 billion in 2011. It was as little as $1.9 million in 2000.
Five years ago potash fertilizers were Belarus’ main exports to Venezuela. Venezuela exported to Belarus small amounts of tobacco, spare parts and equipment.
In 2007, the two countries started expanding and diversifying the bilateral trade. The work of the joint commission for trade and economic cooperation contributes a lot to strengthening the ties.
Belorusneft expanded into Caracas in 2007. The Belarusian-venezuelan joint venture Petrolera Belovenezolana was opened to produce oil using Venezuelan deposits. Belgorkhimprom opened its office in Venezuela as well. The joint company Petroil VB was registered in 2010.
A number of large-scale projects in trade, economic, sci-tech and other sectors are underway in Venezuela. Belarus is taking part in Venezuela’s large-scale construction projects, including the construction of housing, industrial facilities and agro-towns.
Belorusneft and Russia’s oil company Zarubezhneft are implementing a pilot project in Gomel Oblast.
In line with the cooperation agreement, the two companies will unite their scientific and resource potential to produce hard to recover hydrocarbon reserves and increase oil recovery at Belarusian oil fields. A thermal gas pressure technology is to be tested at the Visha oil field in Gomel Oblast.
The two companies plan to share the best practices in laboratory research. In particular, the specialists of the scientific division of Belorusneft will have a secondment at the Vniineft institute of Russia. The Russians are interested in the Belarusian research of polymeric materials and other materials enhancing oil recovery.
Other oil companies might join the projects of Belorusneft and Zarubezhneft. One of them is a company from Kazakhstan.