Petroleum and Natural Gas Minister, Mr Murli Deora and the President of Venezuela, Mr Hugo Chavez met in Caracas to discuss the possibility of sourcing crude oil from Venezuela to meet the requirements of new refinery capacities coming up in India. <br/><br/>Earlier, India signed a Joint Venture Agreement with Venezuela for the development and production from the 200 billion dollar Carabobo-1 Project, in Orinoco Region of Venezuela. <br/><br/>The agreement has been signed between a consortium of Indian Oil PSUs and an Oil Corporation of Venezuela. <br/><br/>The Consortium comprising of Indian Oil Corporation Limited, Oil India Limited and ONGC Videsh Limited will hold a 40 percent stake in the project.