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Brazil, Venezuela Sign Fighter Deal (Feb. 15)

Venezuela and Brazil are to extend their cooperation on oil and defence. President Hugo Chávez and his Brazilian counterpart Luiz Inacio Lula da Silva signed what was billed as their strategic alliance in the Venezuelan capital Caracas on Monday.

The accord will allow Venezuela's state oil company to open a refinery in Brazil, while the Brazilian Petrobras concern will drill for oil in Venezuela. The deal also sees the sale of Brazilian fighter planes to Venezuela.

President Chávez is trying to garner support for the creation of a South American oil giant involving several countries.

Chávez and Lula da Silva Agree Oil and Defence Accord