Venezuela plans to team up with Russia to jointly invest more than $6 billion in oil projects, the country's oil minister said Wednesday.
Venezuela's state news agency reported that Oil Minister Rafael Ramirez said a new Russian-Venezuelan oil company was planning the investments in Venezuela's Orinoco River region.
Ramirez said during a visit to Austria that the investments are aimed at producing 200,000 barrels of crude per day.
The new joint company is made up of Petroleos de Venezuela SA and a consortium of Russian companies including Lukoil and Gazprom.
Venezuelan President Hugo Chavez has strengthened ties with Russia and boosted cooperation through various energy projects.