Petrolera IndoVenezolana is the name of the joint venture between Petroleos de Venezuela SA and the ONGC of India that will participate in Oil exploration programmes in the oil rich states of Venezuela. ONGC will own 40% of stake in the venture and Venezuela will have 60%. A major breakthrough for ONGC and its wild oil exploration ideas. Venezuela estimates the partners will produce some 232 million barrels of oil over the next 25 years from San Cristobal field—a 160-sq-km area in Anzoategui and Guarico states.
Venezuela Wednesday came out in support of China on the issue of Tibet, blaming the United States for the recent anti-China protests and dubbing the action as attempts to derail the Beijing Olympic Games."We are with China," Venezuelan President Hugo Chavez declared during an interaction with Indian journalists in Caracas. "We have already said that beyond all this conflict there is a hand of the US. They want to derail Olympic Games.""We ask the world to support the Beijing Olympic Games and to support China. The same way we support India, Africa, Latin America. That is the new world, free and multi polar world," he said.
Venezuela has been working closely with many emerging economies like China and India and downplaying the US after Relations between Venezuela and the US worsened in 2002, when President Chávez alleged the U.S. approved of the 2002 Venezuelan coup d'état attempt.
Being an oil dominated economy, Venezuela will have a strong say in world politics. Venezuela wishes to de-link its economy from that of the US and hence is supporting several trade deals including the oil exploration exercises with ONGC and Reliance in India. Venezuela is playing the catalyst in forming what truly can be called a Multi Polar world.