Russia, Venezuela sign $5 Bn agreement for oil sector

Russia, Venezuela sign $5 Bn agreement for oil sector

Agency News

Moscow, Dec 07: Venezuela's President Nicolas Maduro announced $6 billion in Russian oil and gold mining investments in his South American country, after talks in Moscow with Kremlin officials.

"Today, the contracts have been signed to guarantee investments exceeding $5 billion with our Russian partners in joint ventures to ramp up crude oil production," the Venezuelan leader posted on Twitter. "In addition, we are guaranteeing an investment of over $1 billion for the mining sector, mostly in gold production." The Venezuelan President also said that a deal on supplies of Russian wheat to the South American country has been signed during his visit to Moscow along with a contract on the maintenance of weapons.

Meanwhile, Russian Defense Minister Sergei Shoigu hopes that the practice of flights by Russian combat aircraft to airdromes in Venezuela will go on and Russian naval ships will continue to pull into that country's ports. "Our cooperation proceeds in a good fashion. There have been regular exchanges of specialists and delegations. Good work is underway in training and in granting our aircraft an opportunity to make landings in Venezuela and our ships, to be serviced in Venezuela's ports. I believe that we will go ahead with this practice. The more so, since it is to the benefit of Venezuela and Russia," Shoigu said at a meeting with Venezuela's Defense Minister General Vladimir Padrino Lopez on Thursday.

Russia and Venezuela are implementing joint investment projects in energy, agriculture, geological exploration, pharmaceuticals, information and communication technology, nuclear medicine, military technology. (UNI)