CARACAS, Oct. 29 (Xinhuanet) -- The Latin American energy ministerial conference at Margarita Island concluded Friday with astatement on the establishment of an oil organization in South Africa.

    The statement highlighted the importance of safeguarding regional integrity and promoting energy cooperation, which will contribute to speeding up economic development and eliminating poverty among South American countries.

    The statement also stressed the necessity of properly using both renewable and nonrenewable resources and narrowing the economic and social gaps between countries in the region.

    Meanwhile, Venezuela and Brazil signed an agreement on energy cooperation during the meeting.

    Venezuelan Vice President Jose Vicente Rangel presided over the closing ceremony. Enditem