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Russia and Venezuela strengthen their cooperation in oil and gas sector

Officials of Russia and Venezuela reached an agreement to increase cooperation in oil and gas industry, announced AP.

Presidents of Russia and Venezuela Ugo Chaves and have Dmitry Medvedev attended the signing of deals between state energy companies.
From 2005 onwards Russia has concluded contracts worth 4.4 billion dollars with Venezuela to supply arms, including military aircraft, helicopters and others. In the Kremlin on Thursday announced that it will grant a loan amounting to 1 billion dollars of Venezuela to buy Russian arms.

Gazprom has invested 100 million dollars in Venezuela, recalled the chief of Russian state gas monopolist Aleksei Miler.

He said that in the coming months may be signed an agreement establishing the consortium, connecting the state oil company PDVSA of Venezuela with the largest oil and gas companies in Russia.

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