Palestinian President Mahmoud Abbas and his Venezuelan counterpart, Nicholas Maduro, have struck a deal which will see 240,000 barrels of oil and diesel sent to the Palestinian Authority by state-owned company Petróleos de Venezuela.

During his three-day visit to the oil rich South American nation, which sits on the world’s largest oil reserves, Abbas thanked Maduro for his support.

“Thank you Venezuela for helping to break the monopoly that Israel has over our economy. Thank you Venezuela for responding to our needs. Thank you Venezuela for being available to continue to lend the Palestinian people more support in their fight,” said Abbas.

Maduro reiterated his support for Palestine and its desire to be a fully independent state.