Russia and Venezuela will deepen their energy cooperation, according to the chief executive of the Russian energy company Rosneft.
Igor Sechin said the company plans to invest about $10 billion in Venezuela in the coming years.
He was speaking on January 29 on a visit to Caracas.
In the Venezuelan capital, officials from both countries signed five documents laying out plans for offshore natural gas and oil projects, as well as the creation of a new joint company for the purchase of Russian-made oil drills.
Venezuelan Oil Minister Rafael Ramirez said that Russian and Venezuelan companies plan to invest nearly $47 billion in the next six years, while increasing production in oil projects involving Russian companies.
Based on reporting by AP and Interfax