Vzla: Oil for food

CARACAS — Venezuela sought out and initiated last week’s oil for food swap with Argentina. While Argentina’s main goal was to stave off an impending energy crisis this winter, Venezuela viewed the deal as an opportunity on its part to increase Latin American integration and strengthen the South-South alliance. The Venezuelan Foreign Ministry told the Herald that as part of the agreement, the world’s fifth largest oil producer will ship Argentina 8 million barrels of fuel oil and 1 million barrels of diesel oil. Argentina will in return send agricultural products, including beef, grain, soy, dairy products, and 250,000 heads of cattle. The overall deal is valued at approximately $200 million.