Russian finance mining projects
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Published at 12:15 PM on July 29, 2009 | The National



The Russian bank Gazprombank granted in late August a loan of 4 billion dollars for the development of mining projects in Venezuela, reported Boris Ivanov, head of Gazprom International, parent company of the financial institution.

"We have agreed with the Ministry of Natural Resources grant funds secured by its exports," Ivanov said during a meeting of Russian and Venezuelan delegations on Monday night.

The meeting, chaired by the Venezuelan president Hugo Chávez and Russian Deputy Prime Minister Igor Sechin, signed several agreements to strengthen energy cooperation between both countries. Include the creation of two companies servicing oil and gas in Venezuela.

"This agreement has a value of 4 billion dollars. We are almost begun this work and we will provide these resources to the end of August," said Ivanov. "We are very optimistic and thankful because this will allow us to secure investment and technology for the exploitation of gold, minerals, diamonds and precious stones found here much," said Chavez.

With the purpose of copying that experience "very good", the President ordered the creation of a bank subsidiary of state Petroleos de Venezuela and called for the negotiation of agreements with Gazprombank ..

Late last year, the Venezuelan government announced that the largest gold deposits in the country, the Brisas and Las Cristinas mine, located in Bolivar State, would be developed as a single project by the company Venrusca, in equal partnership between the State Venezuelan and Russian Rusoro signature. The company was formed, but before starting operations at these sites should be resolved the legal status of those mines, which were given in concession, years ago to Canadian companies. The contracts are valid.

In June, Moscow and Caracas agreed to create a binational bank, with 4 billion dollars to finance joint economic projects.

Venezuela is a key partner of Russia in Latin America, and in recent years has strengthened their cooperation, especially in the energy and arms.

Apart from the commitments in the area of energy, both countries agreed on Monday to increase exchanges between their armed forces to include from the sale of arms to the realization of joint maneuvers through the exchange of technology.

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