Ankara wants Venezuela's oil

CARACAS, Venezuela, Jan. 20 (UPI) -- Ankara is interested in tapping into the Orinoco oil belt off the coast of Venezuela, the country's energy minister said from Caracas.

Turkish Energy Minister Taner Yildiz arrived in Caracas to meet with his Venezuelan counterpart Rafael Ramirez to discuss potential investments in the country's Orinoco Belt.

Oil deposits in Venezuela are some of the largest outside the Middle East. Most of the Orinoco oil belt remains undeveloped and the region produces at least 600,000 barrels of oil per day currently.

Venezuelan President Hugo Chavez said in November that he felt Ankara was ready to invest in the Latin American energy sector and Yildiz, during his visit, said his country was eager to find new sources of crude oil.

"Venezuela has large oil reserves and we need that energy," he was quoted by Venezuelan newspaper El Universal as saying.

Turkey relies on imports to meet more than 90 percent of the crude oil it consumes domestically. Officials in Caracas said the country is leading the world in terms of oil potential.

Venezuelan crude is scheduled for deliveries through the Odessa-Brody pipeline running through Ukraine.