Venezuela, Russia to invest $6 billion in oil

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.