BUENOS AIRES, June 2 (RIA Novosti's Yuri Nikolayev) - The business communities of Russia and Venezuela have completed their first meeting in Caracas. They signed 13 protocols of intention in investment and trade to the tune of $900 million, said Victor Alvarez, Minister of Basic Industries and Mining.
They concern the crucial areas of power engineering, the production of oil, gas, steel and aluminum.
"The documents allow us to create a solid base for the development of trade and economic relations between our countries," the minister said.
Mikhail Orlovets, Russia's Ambassador to Venezuela, said the two countries "have increased investment unprecedentedly in the last years, which calls for energetic work by all structures to make use of it."
The ambassador added that the biggest project would be the construction of a coal-fired thermal power station in Tachira; the cost of the project is $360 million.
Delegates from over 40 Russian companies attended the two-day business forum held in Caracas in the presence of President Hugo Chavez.
The Russian business has invested tens of millions of dollars in the production of gold and other mineral resources in Venezuela.
