"RusAl is set to develop a project for the production of bauxites and aluminum with a Venezuelan company," Igor Sechin said at the opening of a bilateral intergovernmental commission meeting.
Sechin is leading a delegation of around 60 businessmen for the Russian-Venezuelan intergovernmental commission meetings on Thursday and Friday.
United Company RusAl was established in March 2007 through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore's alumina assets. It exports products to 70 countries.
Venezuelan President Hugo Chavez said earlier that Sechin's visit would pave the way for the arrival of Russian President Dmitry Medvedev in Venezuela.
Russian presidential spokeswoman Natalya Timakova said earlier that Medvedev could stop off in some Latin American countries as part of his trip to Lima, Peru for the APEC summit on November 22-23.
Sechin said that during Medvedev's visit, Russia and Venezuela are expected to sign a number of bilateral agreements including on the establishment of a joint development bank, as well as in the fields of air transportation, mutual protection of financial investments and the peaceful use of nuclear energy, among others.