At a meeting in Caracas, Mr Chavez and his Belarusian counterpart Alexander Lukashenko agreed to invest $1.6 billion (£1.05bn) to create a joint venture to develop oil and natural gas projects in Venezuela.

The projects are expected to produce 200 million cubic feet of natural gas a day by 2012, part of Venezuela's efforts to triple gas output.

Officials also reached an agreement for Venezuela to ship 80,000 barrels of heavy crude oil a day to the former Soviet republic.

Belarus has also pledged to build public housing complexes and a factory to manufacture tractors and lorries in Venezuela, and the two nations have agreed to promote trade in construction materials and equipment.

Mr Lukashenko said: "They are very serious plans aimed at allowing Venezuelans to enjoy some of the advantages the Belarussian people enjoy.

"We're prepared to transfer everything we have so this becomes a reality," he went on.

Mr Chavez emphasised that Mr Lukashenko's visit was important, not only for consolidating their relations in the political, economic and social realm, but also in the ideological sphere.

He said that Venezuela and Belarus were united in their anti-imperialist orientation.

"Our ideas are based on socialism, on independence and on sovereignty, which are essential factors in the multi-polar world that we are striving for," Mr Chavez said, adding: "This has brought us together as brothers."

Morning Star Online