The Presidents of Argentina and Venezuela on Tuesday signed an agreement to strengthen cooperation in oil exploration and refining. The agreement, signed in the Brazilian capital of Brasilia, allows Argentina’s state oil company YPF to operate in the Orinoco Belt, an oil-rich river basin region in Venezuela. The agreement calls for formation of a joint-venture between oil companies from the two countries. Venezuelan President Hugo Chavez told reporters that Venezuela’s Minister of Energy and Petroleum, head of state-owned oil company PDVSA, will arrive in Buenos Aires for discussions with the head of YPF.