Venezuela to sell oil to Portugal at favorable rates under energy accords

CARACAS, Venezuela: Venezuela plans to sell oil to Portugal on favorable terms, letting the European nation swap food products and other goods for its heavy crude.

President Hugo Chavez says his country will ship as many as 30,000 barrels of crude a day to Portugal. The deal is one of 14 accords signed Tuesday by both countries' leaders.

The shipments would represent less than 1 percent of Venezuela's daily oil output.

The two nations also are planning joint ventures to exploit oil reserves and natural gas deposits in Venezuela's crude-rich Orinoco River basin and off its Caribbean coast.

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