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


    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

U.S. Video

  • Gartman: 2015 rate hike unlikely

    CNBC's Steve Liesman and Dennis Gartman of the Gartman Letter discuss current economic conditions and whether the Fed may still raise rates this year.

  • What's going on with oil?

    Peter Costa of Empire Executions tracks oil and the market's action into the close.

  • CNBC update: Brady banner

    A judge ruled Greenpeace will be fined $2,500 an hour if its protests blocking the Shell icebreaker ship continue, and California says water use fell 27 percent in June, reports CNBC's sue Herera.