Venezuela has agreed with Russia on guaranteed investments in its oil industry in the amount of more than $5 billion, the Venezuelan President Nicolas Maduro reports.

"Today, contracts were signed to guarantee the investments of more than $5 billion to increase oil production with our Russian partners in joint ventures. In addition, we guarantee the investments of over $1 billion in the mining industry, mainly in gold mining," - the Kommersant quotes Maduro.

He added that, among other projects, Russia and Venezuela agreed to introduce the GLONASS system in the Latin American country. Nicolas Maduro noted that this would strengthen and develop Venezuela's telecommunications system.

The two countries cooperate in the following areas: energy, agriculture, geological exploration, pharmaceuticals, information and communication technologies, nuclear medicine, military-technical and others.

Source: Rusmininfo   l   KeyFacts Energy Industry Directory: Rusmininfo