Venezuelan President Hugo Chavez met in Kiev with his Ukrainian counterpart Viktor Yanukovych on his way to meet with officials in Iran.
Yanukovych said Ukrainian energy companies would work in Venezuela to extract oil and natural gas, the National News Agency of Ukraine reports.
"We have agreed with (Chavez) that Ukraine will start producing oil and gas in Venezuela. And this issue will be one of the priorities in our relations," the president was quoted as saying.
On imports, Yanukovych said Venezuela could deliver its oil through the Odessa-Brody oil pipeline.
"We believe that this issue ... in no way hinders Russia and does not violate the Ukrainian-Russian relations," he added.
The 419-mile pipeline had run in the reverse direction toward Russia following supply concerns. Russian oil is delivered to the Odessa-Brody pipeline from a junction of the Druzhba pipeline, the longest in the world.
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