Venezuela to Buy Two Tankers, Send Fuel to Argentina

Venezuela will buy two oil tankers from Argentina and swap as much as $200 million in diesel fuel for farm and industrial goods, as Venezuelan President Hugo Chavez seeks to expand his country’s influence in Latin America.

The tankers, with a capacity of 300,000 barrels, will cost $112 million, the Argentine government said in a statement distributed by the presidential palace. Argentina needs the diesel to run electricity generators amid a shortage of natural gas.

“Chavez is taking advantage of oil prices to make inroads in its relation with regional leaders,” said Berensztein, a partner at Poliarquia Consultores, a political consultant and pollster, in an interview. “His presence in the continent has grown significantly.”

Bloomberg