Friday, 11 September 2009During the 8th visit to Russia, Venezuelan President Hugo Chavez recognized Abkhazia and South Ossetia as independent states. Until now, only Nicaragua has joined Moscow in recognizing the independence of the two republics.
Recognition of Abkhazia and South Ossetia was followed by a statement from President Medvedev. Medvedev said Russia would supply Venezuela with all the arms it asked for, including tanks. However, experts say Chavez's search for more sophisticated weaponry may be due to growing tensions with its neighbor, Colombia.
According to Russian sources, at least 12 arms contracts worth $4.4 billion had been signed between Russia and Venezuela in the past two years.
As for energy, Russia is the world's second biggest oil exporter and the biggest gas producer. Venezuela, an OPEC member, has the biggest oil reserves in Latin America and 7.9 percent of the world's total proven reserves according to the BP Statistical Review of world energy. Relations between Russia and Venezuela have drawn attention due to the energy aspect. A consortium of Russian oil companies is expected to finalize a deal soon with Venezuelan national oil company Petroleos. The deal will develop part of a huge oil field in the Orinoco River Basin which is thought to be the world's single largest oil deposit with as much as 1.2 trillion barrels of extra-heavy crude.
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Friday, 11 September 2009
Simge Soyer (JTW)
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