A technical-services agreement was signed by Petroleos de Venezuela's research unit and Cuba's oil company, the Caracas- based company said today in a press statement.

"We are going to contribute our experience, accumulated over long years, to help our brothers in Cuba," said Petroleos de Venezuela research chief Hercilio Rivas.

Petroleos de Venezuela and Cuba formed a joint venture in April to renovate Cuba's Cienfuegos refinery and sell refined fuels throughout the Caribbean.

Cuba currently produces about 75,000 barrels a day of oil, and has proven reserves of about 750 million barrels.