Venezuela, Russia team up to invest in mining, energy sectors

Wednesday, 10 April 2019 21:25:47 (GMT+3)   |   Sao Paulo

Venezuela and Russia signed several bilateral agreements in Moscow to invest in a number of sectors, including mining and energy, a Venezuelan state-run news agency said.

Venezuela’s planning minister, Ricardo Menéndez, and Russian industry and trade minister, Timur Igorecvich Maximov signed the deals during the XIV High Level Intergovernmental Commission (CIAN) meetings.

The agreements allow Russian companies to invest in the Venezuelan mining and steel sectors. The terms of the agreements and specific investments were not disclosed.

The CIAN meetings also sought to strengthen bilateral trade between the two countries, Venezuelan officials said. Russian investments in the Venezuela metal mechanic sector is also expected. Venezuela said Russia would invest in “11 large projects” for the introduction of raw materials and agro-processing in the South America nation.

“Seventy Russian companies showed interest in investing in these areas,” Venezuela’s foreign trade ministry said.

Most Venezuelan state-run steel and mining companies have either shut down or reduced activities following a steep financial and political crisis.

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