Venezuelan President Chavez and his Argentinean counterpart President Kirchner have sealed a treaty on energy security in Buenos Aires.

The agreement on Monday follows a series of deals between the two countries that are working on stronger ties to strengthen relations within South America.

Venezuela also recently revealed it planned to acquire Argentine bonds worth up to $1 billion in installments as part of President Chaves' tour to promote energy and financial deals to his allies.

Chavez and Kirchner attended a broadcasted ceremony at the Government House in Buenos Aires where both agreed to a 'treaty on energy security' which includes supplying and distributing natural gas through pipelines and joint oil refining projects.

The leaders said the agreement relies on ample cooperation concerning those energy initiatives and coordinated efforts to distribute power and alternative fuels.

Chavez said his government also intended to invest in a regasification plant for liquid natural gas, which would be completed within two years, to help Argentina survive its current energy crisis.

ZHD/BGH