Putin Visit Strengthens
Russia-Venezuela Ties
CARACAS - In his first trip to Venezuela on
Friday, Russian Prime Minister Vladimir
Putin clinched a number of deals expected to
boost bilateral ties in energy, defense,
space and other sectors.
Among over 30 agreements and documents
signed by Putin and Venezuelan President
Hugo Chavez, the highlight is the launch of
a joint venture between major Russian energy
firms and Venezuela's state oil company to
develop an oil field that will eventually
produce 450,000 barrels a day.
The deal involves a total investment of 20
billion U.S. dollars over 40 years.
Under the agreement, Russian firms will help
Venezuela to develop the Junin 6 heavy oil
block in the Orinoco belt in southeastern
Venezuela, according to Venezuelan
officials.
The joint venture will become operational
later this year, with initial daily output
of 50,000 barrels.
During the visit, Putin and Chavez also
discussed a plan to build a nuclear power
plant in Venezuela with help from Russia.
At a joint press conference after their
meeting, the Venezuelan president said that
the two countries were willing to negotiate
on the issue. |
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