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Russia will invest $ 6 billion in Venezuela

08.12.2018
After the meeting between Nicolas Maduro and Vladimir Putin, Moscow and Caracas signed a $ 5 billion investment contract to increase oil production and an additional $ 1 billion for mining production.

Nicolas Maduro can be satisfied with his official trip to Moscow, where he met his Russian counterpart Vladimir Putin. Caracas and Moscow have indeed signed $ 5 billion worth of contracts related to oil production during Nicolas Maduro’s visit to Russia. The president of Venezuela himself announced the agreement in a video posted on his Twitter account, the day after his meeting with President Vladimir Putin.

“Contracts have been signed to secure $ 5 billion worth of investments to increase oil production with Russian partners in joint ventures,” said Nicolas Maduro in a video shot in Moscow.

In addition, an investment of more than $ 1 billion has been agreed to improve mining production in Venezuela, mainly for gold, according to the Venezuelan president. Nicolas Maduro added that documents had been signed “to guarantee” the acquisition of 600,000 tons of wheat for Venezuelan consumption.

Agreements have also been signed concerning Venezuelan defense.

He warmly thanked the Russian people and president and declared that Russia and Venezuela were “more united than ever”.

Russia and Venezuela are running many joint projects in the energy, agriculture, geology, pharmacy, technology and defense sectors. Russia’s investment in Venezuela exceeded $ 4 billion before the meeting, according to the Russian news agency TASS.

Read the original article here.

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