Russian-Venezuelan treaty envisages cooperation in developing new hydrocarbon fields, extracting minerals

MOSCOW. May 7 (Interfax) - Russian President Vladimir Putin and Venezuelan Nicolas Maduro signed a Treaty on Strategic Partnership and Cooperation between the two countries on Wednesday that envisions cooperation in the fuel and energy sector.

"The parties are cooperating in the energy sector in such areas as exploring and developing new oil and natural gas fields, increasing the yield of fields operated by joint ventures and reducing their environmental impact through the application of advanced production technologies, expanding oil trade operations on a mutually beneficial basis. The parties are developing cooperation in the electric power industry through the implementation of joint projects to retrofit and enhance power generating capacities and the electricity transmission and distribution infrastructure," the document published on the Kremlin's website said.

Russia and Venezuela are also "encouraging the creation of an alternative system of oil transportation insurance and international recognition of insurance services," and "are promoting well-balanced and steady long-term development of global energy markets without the use of artificial restrictions and tools of unfair competition."

Additionally, the two sides are enhancing cooperation through industrial enterprises, the implementation of joint investment projects, in particular, in mineral extraction, metallurgy, telecommunications, railway infrastructure, pharmaceuticals and epidemiology by supplying professional equipment, introducing advanced developments, technology transfer and the provision of related services.

As reported, Maduro arrived in Moscow on an official visit, during which he will also attend ceremonies dedicated to the 80th anniversary of the Great Patriotic War Victory.