Chavez Proposes to Create Oil Giants Organization

Caracas, Oct 8. -Venezuela''s President Hugo Chavez, launched an invitation to create a new international organization, apart from the existing ones, that would bring together the countries considered oil giants.The president referred briefly to this issue this weekend, when he spoke in the act of registration of social organizations in the Great Patriotic Pole, held at Miraflores Palace, venue of the presidency of the Venezuelan State.

According to Chavez, the organization would bring together Russia, Iran, Saudi Arabia, Iraq, Brazil, and Venezuela.

Of all these countries, only Iran, Iraq, Saudi Arabia and Venezuela are current members of the Organization of Petroleum Exporting Countries (OPEC). On this issue he talked with Russian Deputy Prime Minister Igor Sechin, and the Minister of Energy, Serguei Smatko; said the president.

Sechin led a large governmental delegation from Russia that made a short working visit to Venezuela, which ended Thursday night after a meeting with Chavez.

During the Russian officials representants stay in Caracas, both parties signed important agreements aimed at boosting and diversifying economic, trade and political ties between the two countries, which together possess a quarter of world oil reserves. (Prensa Latina)