Venezuelan President Signs Renewable Energy Accords with Portugal

Hugo Chavez, President of Venezuela, has contracted accords with Portugal for the growth of renewable energy projects in Venezuela. He anticipates that the renewal energy projects will ultimately substitute his country’s oil industry. Portugal, a country without oil or coal reserves, has made tremendous strides in the development of wind and solar power production.

The President who visited the wind power generators manufacturing facility in Portugal has branded wind power as the future source of energy. During a television broadcast the President remarked that his country is gearing up for the days when there will be no oil production. Chavez detailed the intention of his country to build wind farms at four locations in his country and the details of the locations were not readily provided. He also mentioned the intention of his country to step up oil exports to Portugal. Venezuela currently exports most of its oil to US and the country is looking forward to diversifying its energy resources.

The President signed a host of other deals which includes import of 1.5 million low priced laptops, hiring of a Portugal construction company to construct housing units and others.