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Venezuela, Russia boosting partnership in economy - Venezuela’s speaker

May 28, 2015, 4:16 updated at: May 28, 2015, 4:33 UTC+3 MEXICO CITY
"The alliance has allowed the government to convert the investments for the welfare of the Venezuelans and to hold the price of hydrocarbons at the international level," Diosdado Cabello said
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MEXICO CITY, May 28. /TASS/. Venezuela and Russia have been consistently promoted cooperation in the economy, Speaker of the Venezuelan National Assembly (parliament) Diosdado Cabello said at a meeting with President of the Russian major oil company Rosneft Igor Sechin on Wednesday, the country’s Agencia Venezolana de Noticias news agency said.

"The alliance has allowed the government to convert the investments for the welfare of the Venezuelans and to hold the price of hydrocarbons at the international level," Cabello said. "The fellowship (between the two countries’ peoples) appeared thanks to Comandante Hugo Chavez who, due to the scope of his political vision, was assisting and improving this economic and social alliance not only in the name of Venezuela but in the name of South America."

Meanwhile, Sechin noted that certain economy sectors were crucial for the country’s complex development.

"A sensible growth of the energy sector allows the countries like Venezuela to gain large revenues as the oil sector contributes to education, technology and housing construction," the Venezuelan news agency quoted him as saying.

Venezuela, Russia seal $14bln oil deal

Venezuela and Russian state-owned companies Petrуleos de Venezuela (PDVSA) and Rosneft have sealed a deal to invest $14bln in oil and gas deposits at the Orinoco oil belt, President Nicolas Maduro said on television on Wednesday after a meeting with Rosneft President Igor Sechin, PDVSA President Eulogio Del Pino and Speaker of the National Assembly (parliament) Diosdado Cabello.

"We have held a wonderful meeting at which we agreed about investments $14bln worth," Maduro said adding that the investments would "allow to double the oil output" and specifying that "gas projects, including Orinoco, were on the table as well."

Speaking to the Venezuelan youths, Maduro called Sechin "a great friend of Venezuela and the whole Latin America."

On Wednesday Russian and Venezuelan Foreign Ministers Sergey Lavrov and Delcy Rodriguez had talks in Moscow.

Rosneft and the Venezuelan state-owned Petrуleos de Venezuela S.A (PDVSA) are engaged in five joint projects on oil production in the republic whose total geological supplies are estimated at over 20.5 billion tonnes.

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