Russia and Venezuela have signed contracts to secure more than $5 billion worth of investments in the oil sector, Venezuelan President Nicolas Maduro said in a report on his visit to Moscow.
“Contracts were signed today to secure investments of more than $5 billion to increase oil production with our Russian partners and joint ventures,” Maduro said in a video posted on his Twitter account.
He added that agreements have also been signed guaranteeing “an investment of more than $1 billion for mining production, especially gold.”
In addition, both leaders signed a contract to supply 600,000 tonnes of wheat to Venezuela.
Maduro said that the agreements with Russia guarantee an investment of more than 1 billion dollars in the mining sector.
In taking stock of negotiations with his Russian counterpart in Moscow, the Venezuelan president reported signing of military equipment maintenance contracts in Venezuela.
“The contracts for assistance, assistance, repair and maintenance of the arms system of the Bolivarian Republic of Venezuela have been signed,” Maduro said.
The Venezuelan president has been in Russia since last Tuesday, after holding a meeting with Turkish President Recep Tayyip Erdogan in Caracas.
Maduro said on Thursday that his country intends to sell all its oil, starting next year, only in petro, the cryptomoeda launched this year by the Venezuelan government.
The measure, according to Maduro, is a strategy to free Venezuela from the limitations imposed by the dollar, which would disrupt the country’s economy.
— Prensa Presidencial (@PresidencialVen) December 6, 2018
“I announce that in Venezuela, in 2019, all petroleum production will be sold in petro, progressively, with a schedule that has already been approved,” said the Venezuelan leader, who is in Russia on an official visit.
With Venezuela under intense US-led sanctions and economic subversion, Maduro has prioritized building economic relations with with Russia and China, the two main economic rivals against the US.