Indonesia, Venezuela joint commission paves way for oil, energy ventures

Indonesia and Venezuela on Tuesday agreed to set up a high level body to pave the way for joint ventures in oil and energy and to increase bilateral trade, Foreign Affairs Minister Alwi Shihab said. "Besides trade, we are also thinking about cooperation in the energy and oil fields, and at the same time, both leaders are committed to implementing a mechanism to increase the exports and imports of both countries," Shihab said after signing the agreement here.

The signing was held on the sidelines of a G-15 summit. Venezuelan Foreign Affairs Minister Luis Alfonso Luis Garcia said the joint commission would also speed up the signing of several other pending agreements, including the purchase of Indonesian aircraft and protection of investments.

Indonesian exports to Venezuela -- largely comprised of tyres, textiles, garments, glassware, furniture, palm oil and shoes -- were valued at 28.5 million dollars in 2000, up from 16.4 million dollars in 1996.

In comparison, imports from Venezuela have been decreasing, amounting to 5.2 million dollars last year compared to 12.9 million dollars five years ago. They are largely made up of chemical products, iron, aluminium and steel. (*)