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U.S. markets recover from steep losses
CARACAS, Venezuela, July 9 (UPI) -- Colombia and Venezuela have begun building a $200 million pipeline to transport oil and gas to Central America, the BBC reported Sunday.
Venezuelan president Hugo Chavez, President Alvaro Uribe of Colombia and Panamanian leader Martin Torrijos were present as the first segment of pipe was welded. Chavez told reporters the pipeline will last 100 years.
Venezuela controls South America's largest natural gas reserves. The BBC said Colombia is expected to extend the pipeline to the Pacific coast of South America, where product can be more easily exported to Asia.
Chavez has a rocky relationship with the U.S. government. Energy experts told the BBC that the Venezuelan president wants to replace the United States. now his country's No. 1 customer, with Asian markets.
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