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  Thursday, April 9, 2020
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Trade between Russia and Venezuela is still lagging behind the two countries' cooperation potential
Trade between Russia and Venezuela is still lagging behind the two countries' cooperation potential, Russia's deputy prime minister said Monday. Alexander Zhukov said after a session of a bilateral intergovernmental commission that trade turnover had risen 61.8% in 2005 to $77.5 million. Russian exports to Venezuela in 2005 doubled year-on-year to $25.2 million, not including military supplies, while imports from Venezuela climbed 25.4% to $52.3 million. Zhukov praised the two countries' cooperation in the oil and gas sphere. In particular, he said, Zarubezhneftegaz, representing energy giant Gazprom [RTS: GAZP], took part in tenders for prospecting and producing natural gas on six deposits of the Rafael Urdaneta project, and won two of them. He said the company is already engaged in project implementation. Zhukov also said LUKoil Overseas Holding, the international projects operator of Russia's largest crude producer LUKoil [RTS: LKOH], had completed the first phase of research work to assess oil and gas reserves at the Hunin-3 field. Zhukov said he hopes the commission session will encourage bilateral relations in oil and gas, trade, investment, finance, energy, industry, science and education. He called on the two countries' business communities to develop bilateral contacts more intensively.
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