Venezuela-Oil for Beef.

VENEZUELA.

MAJOR OIL DEAL.

South Africa one of the main buyers of Argentine and Brazilian beef offal’s, has signed a major oil deal with Venezuela.

President Chavez of Venezuela is continuing his policy of supplying countries in the Southern Hemisphere, in preference to the rest of the world.

There is little public information on the deal, however it is believed that Venezuela will develop gas exploration in South Africa and develop reefing facilities for oil shipped from Caracas.

South Africa’s president, signed the historic document and it could well be the situation in the future, that Argentina supplies beef for Gas to South Africa.

Beef for oil is not a new concept and was begun in Ireland in 1974, with live cattle going to Libya in exchange for oil during the OPEC first oil rationing.

Venezuela have similar contracts in place with Argentina, oil for beef and dairy products