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Russia to participate in Venezuelan metals industries, agriculture: Venezuela state press

Sao Paulo — Venezuela's government has signed an agreement with Russia under which the iron, steel, mining and agriculture industries will receive Russian investment and other participation, Venezuela's official press said Tuesday.

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The agreement is under the XIV High Level Intergovernmental Commission (Cyan) Russia-Venezuela. In addition to iron, steel, mining and agriculture, another 10 strategic alliances with the pharmaceutical, technological and science industries among others were signed.

In terms of iron, strategic alliances in the automotive sector and in the iron and steel production chain were deepened, as well as in the mining area the possible participation of Russian companies in the exploitation and exploration in the Orinoco area.

No value or terms of the agreement were disclosed.

Venezuela's iron and steel companies are mostly shut since the country's energy blackout on March 8. The power outage affected most of the country and was the worst in decades, local and international media reported.

Venezuela's steel and iron markets have remained at a standstill as a result of ongoing strikes in basic industry sectors since August, tightening supply and production.

-- Guilherme Baida, guilherme.baida@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com