"We see bright prospects of cooperation in the oil and gas sector, with Russia and Venezuela possessing huge resources, having rich experience and being the world's leading exporters," Vladimir Putin said after his meeting with the President of Venezuela.
"We shall expand cooperation in the military and technical sector, transport infrastructure and the construction of energy facilities," the Russian President pointed out.
In his turn Venezuelan President Hugo Chavez said that Moscow and Caracas had agreed on implementing contracts on joint oil extraction and refining in 2005.
"The talk is about joint oil extraction and refining and projects in the oil and gas industry, petrochemistry and cooperation between oil refineries," Mr. Chavez remarked.
"We make a great advance combining efforts in these spheres, and we can help our partners asking energy assistance from us," Hugo Chavez said.
The Venezuelan President also said that some of the joint projects are being implemented, particularly the extraction of bauxite at the Orinoco river for joint aluminum production.
Vagit Alekperov, head of the LUKoil company hopes that next year Russia and Venezuela will sign a contract on developing oil deposits in Venezuela.
The documents signed in the Kremlin today are launching projects to develop deposits in Venezuela, particularly in the valley of the river Orinoco, where heavy crude is extracted, Mr. Alekperov was quoted as saying.
During his visit to Moscow the Venezuelan leader signed a memorandum on mutual understanding between LUKoil and Venezuelan state oil company PDVSA.
Lukoil has experience in working on such kind of oil similar to that of the Republic of Komi (an autonomous republic in the North of Russia), the head of the Russian company said. "In 6-9 months we shalldraw up a contract, which we hope to sign next year," Mr. Alekperov noted.
Besides, LUKoil and the Venezuelan state company are to start work on mutual oil supplies. The issue concerns Russia's providing oil products to Venezuela and receiving oil supplies to provide for the American market.
