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Venezuela signs oil, gold investment deals with Russia: Maduro

Reuters  |  CARACAS 

(Reuters) - has signed deals securing investment from in the South American country's and gold sectors, said on Thursday at the end of a three-day trip to

"We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise production," Maduro said in a video posted on his account.

"We are also guaranteeing an investment of $1 billion for mining, mostly in gold."

Maduro did not provide specifics about where the investments would be made or how much money Russian companies would contribute. Venezuela's Information and Ministries did not immediately respond to requests for additional details.

With Venezuela's collapsing amid hyperinflation and a fifth year of economic contraction, Maduro flew to on Monday to meet with his counterpart, The two planned to discuss financial help for and cooperation on oil and gas, a said.

has become a key lender of last resort for cash-strapped in recent years, but has struggled to pay its debts. The of Russian flew to last month to press Maduro over delayed aimed at repaying loans.

"and are more united than ever," Maduro said.

Maduro has also sought to boost the country's gold output as an alternative source of hard currency as revenue from oil, which makes up over 90 percent of exports, dries up.

The has sought to restrict Venezuela's gold trade through sanctions.

(Reporting by and Luc Cohen; editing by Jonathan Oatis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 21:48 IST