Politics World

Petroleum: Venezuela determined to defend its reserves (Chavez)

The Venezuelan confirmed oil reserves reached 300 billion barrels, which makes up 25 percent of the total world’s volume,  said that Venezuelan President Hugo Chavez on Tuesday.

“These days we managed to certify 1.5 billion barrels, which means that our total reserves amounted to 300 billion barrels”, informed the Venezuelan leader at a meeting with his ministers, broadcast by national television.

According to estimates by the Organization of Petroleum Exporting Countries (OPEC) in late 2010, Venezuela has risen to the forefront of oil states in terms of proven reserves. After certification of its reserves in the Orinoco Belt (86.41 billion barrels), the South American country ahead of Saudi Arabia.

According M.Chavez, the existence of the country’s oil reserves also requires significant measures to ensure their security and defend national sovereignty.

“It also requires strengthening the defensive capabilities of the country,” said the president.

In this context he recalled that new batches of Russian weapons arrived in Venezuela since mid-January. According M.Chavez, these include tanks, missiles and air defense systems. Deliveries of Russian arms in Caracas made ​​during recent years are estimated at $ 11 billion in total.
“Venezuela now has the most powerful weapons and the most modern, for the first time in 150 years,” concluded M.Chavez.

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