Venezuela to sell oil at 'fair price' to Palestinians

Venezuela and the Western-backed Palestinian Authority on Saturday signed agreements which include deals to sell oil to the occupied territories at a "fair price," Caracas said.

The accords were inked following a meeting between Venezuelan Foreign Minister Elias Jaua and his Palestinian counterpart Riyad al-Malki.

"It is an agreement of cooperation and solidarity with our oil industry... a sale of fuel at a fair price," Jaua said at a press conference.

The agreement also guarantees "favorable" repayment terms as well as training of Palestinians on handling and distribution of oil.

Malki, who is on a tour of Latin America, said he was "extremely satisfied" with the agreement.

OPEC member Venezuela has the world's largest proven oil reserves and produces up to three million barrels a day.

During the 14-year reign of Hugo Chavez, who died of cancer in March, Venezuela used its oil wealth to shore up leftist governments across Latin America, most notably Cuba.

Chavez, who often inveighed against US "imperialism," also cultivated close relations with Washington's foes, including Iran and Syria.