Moscow seeks deep oil ties with Caracas

CARACAS - The Associated Press

Rosneft’s CEO (L) has visited Venezuela to improve energy ties.

Russia will keep deepening cooperation with Venezuela’s government in oil, natural gas and electrical projects in the country, said the chief executive of Russian energy company Rosneft today.

Russian and Venezuelan officials signed five documents laying out plans for offshore natural gas and oil projects, the creation of a new joint company the purchase of Russian-made oil drills. Rosneft chief executive Igor Sechin said the company plans to invest about $10 billion in Venezuela in the coming years.Venezuelan Oil Minister Rafael Ramirez said that Russian and Venezuelan companies project to jointly invest nearly $47 billion in the next six year.