Argentina, Venezuela Seal Agreements

Argentina and Venezuela signed more than a dozen agreements on Wednesday covering a range of economic areas from energy to finance during the visit by Argentine president, Néstor Kirchner, to Venezuela. The two countries announced that they will launch the second tranche of their joint “Bono Sur” on Monday, increasing the size up to $1.5 billion. In energy, state-run oil company PDVSA will jointly explore with Argentina’s Enarsa up to nine oilfields in Venezuela. Also on the agenda is an agreement for the financial bailout by Venezuela of Argentina dairy producer Sancor. Last December, Venezuela offered to match a bid of $120 million by international fund Adecoagro for a controlling stake in Sancor following fierce public criticism and political intervention in Argentina regarding the proposed sale.