On the occasion of the 200th anniversary of Venezuela’s Independence Day (July 5), the Ambassador said the progress in the Venezuela-Vietnam relations can be seen clearly through various meetings between the two countries’ high-ranking leaders, their solidarity and mutual support at international forums and sharing of common views on issues of international community’s concern.

It is also manifested in the establishment of friendship associations, the outcomes of the Joint Committee and the signing of bilateral agreements on cooperation in energy, agriculture, technology, education and culture.

Worthy of note is the founding of the Petromacareo Joint Venture Company, to which the Vietnam National Oil and Gas Group (PetroVietnam) contributed 49 percent and the Venezuelan State Oil Group (PDVSA) contributed 51 percent of the capital.

Petromacareo is expected to product its first products in 2012 with an average output of 200,000 barrels of crude oil per day.