New Delhi, Apr 10 Terming India as one of the largest emerging markets in the world, Venezuela's President Hugo Chavez on Thursday assured visiting Petroleum Minister Murli Deora of full cooperation in addressing India's energy security needs.

Expressing his happiness over the ongoing cooperation in the oil sector between both countries, President Chavez assured his support for more projects.

Stressing the importance of relations in the hydrocarbon sector, Chavez also emphasised that there are many more areas like industry, health, pharmaceuticals, science and technology in which two countries could move forward.

The initiatives already taken by Venezuela and India highlight that a lot more can be achieved by exchanging an enhanced level of interaction by both nations. It was agreed that a Joint Commission meeting would be held shortly to finalize the details for cooperation, Chavez added.

Deora stressed the need for further expanding cooperation in the oil sector and expressed India's interest in participating in the development of upstream, refining and gas marketing and distribution of Venezuela, besides providing training to its oil technologists in the state-of-art facilities with Indian oil PSUs.

Deora also had a fruitful meeting Venezuela's Foreign Minister Nicolas Maduro. A wide range issues were discussed at the meeting, including projects for criss-cross investment, avoidance of double taxation, enhancing cooperation in science and technology areas, optimum utilization of the ITEC scholarship offered by India.

ANI