TOKYO – Venezuelan Energy Minister Rafael Ramirez signed a memorandum of understanding Thursday with Japan that outlines the countries’ plans to cooperate in the development of oil and natural gas resources, the Japanese Economy Ministry said.

The accord did not specify the types of projects in which the countries will cooperate, but Japanese officials consulted by Efe said they will involve developing deposits in Venezuela’s petroleum-rich Orinoco Belt.

The Andean nation already is a leading oil producer and exporter and the Orinoco is estimated to hold sufficient quantities of heavy crude to push Venezuela ahead of Saudi Arabia in terms of total petroleum reserves.

The pact is the first of its kind Tokyo has concluded with a Latin American nation and is part of Japan’s goal of reducing its dependence on Middle Eastern oil, the source of 90 percent of the petroleum it consumes.

For its part, Venezuela, the fourth-biggest supplier of oil to the United States, is looking to diversify its crude exports and rely less on the U.S. market.

Ramirez met Thursday in Tokyo with Japanese Economy, Trade and Industry Minister Toshihiro Nikai and Premier Taro Aso, the Kyodo news agency reported.

Ministerial sources also said Ramirez discussed with Nikai the repayment of a $3.5 billion loan the Japanese Bank for International Cooperation granted state-owned Petroleos de Venezuela S.A. in 2007, to be paid back with shipments of oil and natural gas.

Ramirez did not rule out the possibility of Japanese companies taking part in oil exploration projects in Venezuela.

The Venezuelan, who encouraged Japan to increase investment in the Latin American country, is scheduled to remain in Tokyo until Saturday. EFE