The sides have agreed that Ukraine will be extracting oil and gas in Venezuela, said President Viktor Yanukovych at the joint press conference with Hugo Chavez, President of Venezuela, according to the Press office of President Viktor Yanukovych.

"We have agreed with President Hugo Chavez that Ukraine will start oil and gas extraction in Venezuela. This will be a priority in our relations," said the President of Ukraine.

When asked about transportation of Venezuelan oil to Belarus, he said that Ukraine would transport as much oil, as it is brought to our Black Sea ports. "Currently, we are transporting this oil in tanks, but soon, we will switch to pipeline transportation. It is our plan that we will realize in relations with Venezuela, and Belarus. And we have agreed that we will discuss the question together," the President said.

He also added: "I have never heard of Russia interfering in this matter. We believe that resolution of this question for Belarus does not contradict the interests of Russia and does not affect relations between Ukraine and Russia in any way”.