The Russian and Venezuelan energy ministries signed a memorandum of understanding in Orenburg on Friday that envisions the creation of a Russian-Venezuelan consortium.

"We signed a memorandum between the Russian Energy Ministry and the Venezuelan Energy and Oil Ministry stating that we plan to draw up a special intergovernmental agreement in the near future that would regulate our mutual relations in the oil and gas industries," Russian Energy Minister Sergei Shmatko told journalists on Friday.

Source: Daily News Bulletin

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