Russia is in talks with Venezuela to rescue the nation from its energy crisis.
A) They will invest in develop oil assets, after many foreign majors have decided to stay away from new projects given they’ve been treated pretty badly by the Chavez government in the past. Ok.
B) They’ll invest in developing ‘defence capability’ and nuclear energy. Hmm.
Putin will discuss energy, agriculture and defence issues with Venezuela’s leftist President Hugo Chavez and later meet Bolivian President Evo Morales, both fierce critics of what they call U.S. “imperialism” in Latin America.
Chavez said Moscow and Caracas will strengthen security ties to “continue increasing Venezuela’s defence capability” and look at cooperating on nuclear energy.
“We are not going to build the atomic bomb but we will develop nuclear energy for peaceful purposes. We have to prepare for the post-petroleum era,” Chavez said at a cabinet meeting on Thursday evening.
Facing a national electricity crisis that has caused widespread power outages, Chavez’s government is turning to Iran and Russia for help to develop nuclear energy.
Business Insider Emails & Alerts
Site highlights each day to your inbox.