The document approved on Thursday by the parliamentary committee, aims at developing and promoting joint projects in the entire hydrocarbons value chain, included the monetization of natural gas fields located across the delimitation line between both nations.

It also considers the assessment of plans for the construction and maintenance of facilities and infrastructure for the transportation, storage and supply of oil and its derivatives, as well as exploring complementarity possibilities, the Venezuelan Parliament reported in a press release.

No provision of the agreement will affect the sovereign rights of the two nations over their respective territories, maritime zones and other geographical spaces under their sovereignty and jurisdiction, the source underlined.

Legislator Rodolfo Sanz, vice-president of the Energy and Petroleum Commission, indicated that the agreement was signed in 2015, but the previous directive of the National Assembly in contempt did not ratify it.

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