Transcript of the beginning of the meeting: 

Vladimir Putin: Mr Ramirez, esteemed friends and colleagues,

We are glad to see you in Moscow. This meeting concludes efforts started a year ago to set up the necessary conditions for the development of Junin 6, one of the world's largest oilfields.

A consortium of Russian oil companies is ready to transfer a $600 million bonus, as was previously agreed upon, as soon as the Venezuelan parliament ratifies today's agreement.

This is the beginning of a huge cooperative effort. I am confident that it will proceed according to plan and pay the corresponding dividends for Venezuela and Russia. We have also reached an agreement on relevant contracts for supplying automobiles to Venezuela. KAMAZ and VAZ motor works will maintain the vehicles in the service centres that will be built.

As for energy, we know that there are problems with hydroelectric power in Venezuela due to a drought. We are willing to help by supplying equipment to offset shrinking energy generation-in particular, mobile gas turbine power stations. We can do this very quickly if necessary.

Thank you for cooperation. Please give my thanks to President Hugo Chavez for his support for all our projects.

I congratulate you once again and wish you every success.

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A treaty for the establishment and management of a joint venture for developing the Junin 6 oilfield was signed in the presence of Prime Minister Vladimir Putin and Venezuelan Energy and Petroleum Minister Rafael Ramirez.