The Russian Federation has agreed to provide Venezuela with a two year $4 billion loan for armaments purchases in return for increased access to developing Venezuela’s heavy crude and offshore natural gas fields.

The energy agreements were signed between Russian oil firm Rosneft, state-owned natural gas company Gazprom and Venezuela’s state oil company Petroleos de Venezuela SA during a ceremony in the Venezuelan capital Caracas attended by Venezuelan President Hugo Chavez and Russian Federation Deputy Prime

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