Russia and Venezuela sign nuclear power and oil deals

Russia is to build a nuclear power plant in Venezuela as part of a series of energy deals between the nations.

Russia will build two 1,200 megawatt nuclear reactors at the Venezuelan plant, said the ITAR-Tass news agency.

Meanwhile Rosneft, Russia's state oil giant, will buy a 50% stake in German refinery firm Ruhr Oel from Venezuelan state-owned company PDVSA.

The agreement, worth $1.6bn (£1bn), was signed at the Kremlin during Venezuelan President Hugo Chavez's visit.

However the cost of the nuclear deal was not immediately revealed.

"It could be in 10 years, it could be earlier," said Sergei Kirienko, head of the Russian state nuclear power corporation Rosatom.

via BBC News - Russia and Venezuela sign nuclear power and oil deals.