Venezuela has announced plans to increase its oil output by one million barrels following a $ 5bn investment from Russia . "We have signed contracts to guarantee investments of more than $5 billion with our Russian partners in joint ventures to raise oil production," Maduro said on Venezuelan state TV channel VTV. The deal , which will comprise joint ventures between Venezuela 's state - owned firm PDVSA and undisclosed Russian companies working in the country , aims to bring increased stability to Venezuela 's economy . The two countries also agreed an additional $ 1bn investment for gold mining projects , while Russia will also export 600,000 tons of wheat to the country next year .
Venezuela has announced plans to increase its oil output by one million barrels following a $ 5bn investment from Russia . The deal , which will comprise joint ventures between Venezuela 's state - owned firm PDVSA and undisclosed Russian companies working in the country , aims to bring increased stability to Venezuela 's economy . The two countries also agreed an additional $ 1bn investment for gold mining projects , while Russia will also export 600,000 tons of wheat to the country next year .