Venezuelan President Hugo Chavez says his country will sell oil to Spain at 100 dollars a barrel in exchange for importing some goods.

In his visit to Madrid, Chavez finalized an agreement with Spanish Prime Minister Jose Luis Rodriguez Zapatero based on which Venezuela would sell up to 10,000 barrels of oil per day to Spain.

"You will have oil supplies guaranteed for 100 years because Venezuela has oil for 200 years," Chavez said on Saturday.

"This could allow us to create a new international financial architecture in the future," Chavez said in an interview with Spanish public television TVE.

"I think it is time to start inventing new mechanisms of cooperation," he added.

Venezuela sells oil to several other Latin American countries at reduced prices. The country is the world's fifth largest oil exporting country.