Venezuelan President Hugo Chavez on Tuesday proposed to create an emergency regional food fund to promote agricultural development in the 35th summit of the Common Market of the South (Mercosur).
Chavez said that he is willing to give one U.S. dollar for each oil barrel that Venezuela exports if its price is over 100 dollars.
"Venezuela exports some 2,850,000 oil barrels daily at a price of 123 dollars," Chavez said.
If this level is kept in the external sales of oil, Venezuela would have the condition to contribute to the proposed fund some "920 million dollars every year to produce emergency food," Chavez said.
Mercosur summit is being hold on Tuesday in San Miguel de Tucuman, 1,200 kilometers north west from Buenos Aires, Argentina.
Venezuela is negotiating its incorporation as the fifth full member of the Mercosur. Currently Argentina, Brazil, Paraguay and Uruguay are full members of Mercosur, while Bolivia, Chile, Colombia, Ecuador and Peru are associated countries.
Source:Xinhua
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