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Venezuelan President Pledges $1.5 Billion to Bolivia

Venezuelan President Hugo Chavez has pledged $1.5 billion in energy investments in Bolivia.

President Chavez made the pledge Friday as he and his Bolivian counterpart, Evo Morales, met in the Bolivian town of Shinahota to sign agreements related to energy and mining.

Bolivia has the second-largest natural gas reserves in South America after Venezuela and the deals increase Venezuela's role in Bolivia's energy industry.

Venezuela's state-owned oil company, PDVSA, and Bolivia's state-owned YPFB, are expected to produce natural gas in a joint venture.

In May, President Morales announced the nationalization of his country's oil and natural gas industry and gave foreign investors 180 days to renegotiate their contracts with YPFB.

Some information for this report was provided by AFP, AP and Reuters.