Tuesday 20th

Kirchner to visit Venezuela
Argentinean President Néstor Kirchner Tuesday departed for Venezuela, where he is meeting with his Venezuelan counterpart Hugo Chávez to initial a number of economic and financial agreements, AP reported.

Kirchner is accompanied by Minister of Foreign Affairs Jorge Taiana and Minister of Economy Felisa Miceli, but senator Cristina Fernández, Kirchner's wife, is not traveling to Venezuela as previously announced.
 
Kirchner's presidential airplane is landing in Puerto Ordaz, southern Bolívar state, where Chávez is welcoming his Argentinean counterpart on Tuesday.

Kirchner, Chávez expected to announce joint issuance of debt bonds
Venezuelan and Argentinean Presidents Hugo Chávez and Néstor Kirchner, respectively, are expected Tuesday or Wednesday to announce the second joint issuance of the Bond of the South for some USD 1 billion, according to financial sources.

Kirchner late Tuesday is kicking off an official visit to Venezuela during which he is to initial trade agreements, promote the creation of the Bank of the South, define the Venezuelan financial aid to Argentinean dairy cooperative Sancor and announce the first joint drilling of an oil well by Venezuelan and Argentinean state oil firms Pdvsa and Enarsa.

The Venezuelan Legislature okayed a debt issuance for some USD 2.4 billion, a part of which are to be used to launch the second issuance of the Bond of the South together with Argentina.

Wednesday 21st

Chávez appoints new ambassador to Argentina
President Hugo Chávez Wednesday announced he has designated Arévalo Méndez as his ambassador to Argentina.

The announcement came during a ceremony in San Tomé, eastern Anzoátegui state, where Chávez and his Argentinean counterpart Néstor Kirchner initialed a number of bilateral cooperation and integration agreements.

"I am making this announcement, and President Kirchner has been informed already," Chávez said, adding that Argentina has okayed Méndez' appointment.

Venezuela buys USD 750 million Argentinean debt bonds
Venezuela bought USD 750 million in Argentinean debt bonds maturing in 2015 which Caracas is subsequently including in a new issuance of Bonds of the South, Argentinean Clarín newspaper said Wednesday quoting Argentina's Minister of Finance Felisa Miceli.
Caracas has lately become Argentinean President Néstor Kirchner Government's major source of funds, with direct purchases of debt titles exceeding USD 3 billion, Reuters reported.

According to Clarín, Miceli claimed that Venezuela deposited USD 750 million last February 16th, and the bonds Caracas purchased will be included in a USD 1.5 billion issuance of the Bond of the South, an instrument combining debt titles of both countries.

Chávez, Kirchner inaugurate in Venezuela first oil well to be operated by Argentina
The Presidents of Venezuela and Argentina, Hugo Chávez and Néstor Kirchner, respectively, Wednesday inaugurated at the heavy-crude oil Orinoco strip the first oil well Argentinean firms are to operate in Venezuela.

The reservoir is located in Block Ayacucho Number 6, Rig PDV 09, in San Tomé, south Anzoátegui state -one of the four states comprising the huge deposit of hydrocarbons in eastern Venezuela, the official news agency ABN reported.

In San Tomé, Chávez and Kirchner are initialing investment and cooperation agreements in the areas of technology, agriculture, gas and energy they started negotiating back in 2006.

Thursday 22nd

Argentina, Venezuela create technical committee for Bank of the South
Venezuela and Argentina established a bilateral committee to coordinate the creation of the Bank of the South, which is to operate in the near future everywhere in South America, announced Minister of Finance Rodrigo Cabezas.

The technical meetings will be aimed at defining the bank's structure,  technological platform and seats.

Friday 23rd

Small investors with precedence to buy Bonds of the South
Venezuelan Government next February 26th is launching the Bond of the South, and minimum investment required is USD 1,000, official sources said.

Minister of Finance Rodrigo Cabezas Thursday claimed this would be a "democratic issue of bonds, and that is the reason why small investors, small savers, savings associations and pensioners" will have precedence to purchase these titles.

The bond issuance -launched jointly with Argentina- comprises Venezuelan covered interest and capital titles (TICC) for USD 750 million and Argentinean Bonden 15 for 750 million. While Cabezas would not elaborate on the terms of the bonds, he did stress "yield will be high."

Pdvsa, Enarsa move to buy Argentinean oil firm Rhasa
Venezuelan and Argentinean state oil firms Pdvsa and Enarsa moved to purchase Argentinean oil company Rhasa after tax liabilities pending were settled, Friday said economic press reports in Argentina.

Both state companies have been making joint attempts at purchasing Rhasa for over one year now. Rhasa is owned by the Sambucetti family and comprises one refinery and 150 gas stations throughout Argentina, Efe reported.