Mr Sechin, who co-chairs the Commission, said Russia and Venezuela were doing their best to create the required legal framework that would facilitate bilateral cooperation in various spheres.

Mr Sechin thanked the Venezuelan Government for openly advocating expanded cooperation with Russia. He stressed that a number of documents creating the required legal framework for expanded bilateral cooperation would be signed at the Commission's meeting and during President Dmitry Medvedev's visit to Venezuela. Both sides are to sign a memorandum on establishing a Russian-Venezuelan bank, agreements on mutual investment protection, on the competition policy, on the civilian nuclear power industry and some others.

Mr Sechin said Russia was already working actively in Venezuela, that such operations encompassed the energy sphere, the mining sector, the financial sphere, as well as industry and education, and that national regions were also expanding their cooperation. 

Mr Sechin said a drilling rig operated by energy giant Gazprom would be commissioned in the Gulf of Venezuela on Friday. He said Russian automakers were currently negotiating cooperation agreements with Venezuela.

United Company RUSAl plans to mine bauxites and alumina in Venezuela, as well as to launch aluminium production in the country. The United Shipbuilding Corporation is drafting proposals on delivering tankers and other ships to Venezuela, while the United Aircraft-Building Corporation is negotiation the delivery of long-distance aircraft to that country.

Mr Sechin said Russia also planned to expand bilateral cooperation in the sphere of education and personnel training.