GO
Loading...

Enter multiple symbols separated by commas

Hugo Chavez Proposes South American Natural Gas Cartel

Venezuelan President Hugo Chavez wants other South American countries to join him in forming an organization of natural gas producers based on the oil-exporting cartel, OPEC.

Chavez said Thursday night that he has spoken to Argentine President Nestor Kirchner about the idea of forming "a kind of organization of gas exporting and producing countries in South America."

Chavez proposed naming it "Opegas Sur," or the Organization of Gas Producing and Exporting Countries of South America. He said it would be limited at first to Venezuela, Bolivia and Argentina, but could later be expanded.

Venezuela was one of the five founding members of the Organization of Oil Exporting Countries, or OPEC, in 1960. It has the largest oil reserves outside of the Middle East and the largest natural gas reserves on the continent.

Chavez has promoted other ambitious plans for regional integration, including a continental gas pipeline and a 'Bank of the South' to fund joint infrastructure and social projects.

"So you see, we have great things to do," Chavez said on his weekday talk show.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Why women cheat?

    Is cheating bad? Why do women cheat? The founder and CEO of affair website Ashley Madison tells all, including why he has his eye on China.

  • Judge's gavel

    The Financial Industry Regulatory Authority disciplined several financial services firms and individuals in May 2015.

  • Fine wines & finance

    Why you should try something a little different on date night. Bring the romance and champagne, and a calculator too. Every once in a while have a date to talk money and finance, and keep an important part of your relationship on track. Reporter Sharon Epperson talks to a couple who does just that.

U.S. Video

  • Cramer: Here's a sign the market could rally

    Wall Street's been soaking in red, but "Mad Money" host Jim Cramer has one signal to watch for that could point to another run.

  • Burger war maneuvers

    Cramer looks at the number of company's selling burgers and tries to determine the quality names, as well as those to avoid.

  • Cramer: What's driving defense?

    Cramer says that even though President Obama has made it clear the US can no longer be the world's policeman, the country can become the world's arms dealer. Profiting from defense spending.