Russia intends to boost oil and gas cooperation with Venezuela

MOSCOW. Dec 16 (Interfax) - Russia and Venezuela are interested in developing cooperation in the oil and gas sector, Russian Deputy Prime Minister Alexander Novak told the Rossiya-1 (VGTRK) television channel.

Before sanctions were imposed, European and U.S. companies had operated on Venezuela's oil market, but when the sanctions were introduced "all of them quit, only Russia stayed," but "the American Chevron is said to be returning now," Novak said.

Russia and Venezuela are jointly implementing five projects - "oil is being extracted," he said.

"Venezuela has the wealthiest reserves of heavy oil. Venezuela is the world's No. 1 in terms of oil resources. We are broadening cooperation today, including in the gas sector. We have two projects down the road," the deputy prime minister said.

"As regards the projects in which we participate, we, for our part, are interested in increasing production, ensuring timely payments and selling these products. The Venezuelans not only just confirm [their interest], but they urge our companies to continue working in Venezuela," Novak said.

Russia and Venezuela are also discussing settlements in national currencies, he said.

"It is necessary to connect Venezuela's banks to our financial payment system, because Venezuela is also subject to sanctions, and it is needed in order to enable settlements in national currencies," Novak said, adding that one bank has already joined the Russian payment system.