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Maduro announces signing of multi-billion dollar contracts with Russia

Venezuela's leader expressed gratitude to Vladimir Putin and the Russian people

MOSCOW, December 6. /TASS/. Venezuela and Russia have signed several multi-billion dollar contracts during a visit of the Venezuelan delegation led by President Nicolas Maduro to Moscow, the Venezuelan leader posted on Twitter on Thursday.

"Today, the contracts have been signed to guarantee investments exceeding $5 billion with our Russian partners in joint ventures to ramp up crude oil production," he said. "In addition, we are guaranteeing an investment of over $1 billion for the mining sector, mostly in gold production."

The Venezuelan President also said that a deal on supplies of Russian wheat to the South American country has been signed during his visit to Moscow along with a contract on the maintenance of weapons.

"We... have signed a contract to ensure supplies of 600,000 tonnes of wheat for Venezuelan people," he stated, pointing out that the supplies are guaranteed for "2019 and onwards." "Furthermore, a contract has been signed to provide assistance, maintenance and repair of weapons of the Bolivarian Republic of Venezuela."

Also, Venezuelan Defense Minister Vladimir Padrino Lopez said on Thursday that the Venezuelan Armed Forces are interested in the modernization of land-based and air systems previously supplied by Russia.

The Venezuelan leader expressed gratitude to his Russian counterpart Vladimir Putin and Russian people. Maduro also said that Moscow will host a "meeting of the joint commission" in March 2019 "aimed to continue developing (bilateral) relations."

Russia and Venezuela are implementing joint investment projects in energy, agriculture, geological exploration, pharmaceuticals, information and communication technology, nuclear medicine, military technology, etc.