(Press TV) - "The First South American Energy summit, in Venezuela, succeeded not only in uniting Latin countries, but helped bind various oil agreements.

An oil exchange between Ecuador and Venezuela, and the full cooperation of Colombia in the construction of a poliduct that facilitates Venezuela's oil export throughout the world were among the highlights of the summit.

Most notable also was the merger of political economical organizations like Mercosur (Argentina, Basil, Paraguay, Uruguay and Venezuela) and the Andean Nations Community, CAN, (Chile, Bolivia, Colombia, Ecuador and Peru), into one Latin American agreement.

The objective of this incorporation is to make more profits while preserving energy within the countries.

Another step in preventing the sale of energy to foreign countries was the unification of the 'Comunidad Suramericana de Naciones' (CSN), a collective effort to improve knowledge, and infrastructure between the countries to increase energy output.

National Oil companies like Petrosur, Petrocaribe, Petroandina, Petroamérica and Petrolera del Cono Sur gave their commitment to these goals.

Also discussed was the formation of a Latin American Bank to replace the role of World Bank and the International Monetary Fund in order to have one currency.

"This way we will close the debts we have with the World Bank and the IMF," said Ecuador's Rafael Correa.

Argentina and Venezuela will form this bank as early as June of this year.

Other agreements made on the summit are the evaluation by Venezuela of the possibility to construct a refinery in Villa Elise, Paraguay, along with a promise to Bolivia to raise the amount of gasoline to the country to 250 thousand barrels per month".