Venezuela inks oil, gold investment with Russia

Venezuela inks oil, gold investment with Russia

Mubasher: Venezuela signed agreements securing investment from Russia in the crisis-wracked nation’s oil and gold sectors, President Nicholas Maduro said at the end of his three-day trip to Moscow.

“We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise oil production,” President Maduro said on Thursday in a video via Twitter.

“We are also guaranteeing an investment of $1 billion for mining, mostly in gold,” Maduro stated.

Maduro did not disclose specific details about where the investments would be directed, or the amount of funds Russian companies would offer.

However, Russian investment in oil industry would be centred on joint ventures with Venezuelan companies, targeting a production increase of around one million barrels per day (bpd), Maduro said.  

As oil production collapsed in Venezuela which also runs hyperinflation, with a fifth year of economic contraction, Maduro visited Moscow on Monday to meet with his Russian counterpart Vladimir Putin.

Maduro and Putin planned to discuss financial support for Venezuela and cooperation in energy areas, a Kremlin aid told Thomson Reuters.