Through the Vendata platform, Transparencia Venezuela published a database of more than 170 multi-billion-dollars agreements signed between the Bolivarian Republic of Venezuela and the Russian Federation, between May 2001 and April 2019, mostly in oil matters. However, despite Russian investment in the sector, the country registers record lows in crude oil production and recently imported 1.5 million barrels of gasoline from Iran, valued at $ 40 million.
As in the case of the agreements signed with the People’s Republic of China, there is a huge amount of money involved, and many of the 174 treaties signed with Russia provide incomplete information, which is also difficult to obtain from competent state sources. Given the opacity, it is not ruled out that other agreements could have been reached during the period consulted.
The areas in which the agreements were signed range from oil & gas, mining, agriculture, trade, technology, food industry, defense, finance, training, electricity, medicine, infrastructure, housing, transportation, culture, and intellectual property to nuclear energy and others.
Among the deals, in which some investments amount to up to $ 5 billion, an agreement on “cooperation for the development of joint strategic projects” in the oil sector at the Orinoco Oil Belt establishes that Russia grants Venezuela a $ 2.2 billion loan. The agreement was published in the Official Gazette of November 23, 2009, and is valid for 25 years, with the possibility of extension in periods of 5 years. It is unknown if this accord is being fulfilled or executed, but the allocation of resources as a loan gives the Government full discretion over their use.
The seventh edition of the database published by Transparencia Venezuela is available for the consultation of experts and interested parties. The information will be useful to guide, advance, and/or deepen research on these issues and agreements.
Translated by: José Rafael Medina.
