"We have invited Russian companies to localize production in Venezuela"
The production of Russian cars may be launched in the future in Venezuela, the country also invites Russian companies to localize their production in the Bolivarian Republic. This was stated to Izvestia by the Foreign Minister of the Latin American state, Ivan Gil Pinto. Immediately after the meeting between Vladimir Putin and Nicolas Maduro in the Kremlin on May 7, the head of Venezuelan diplomacy shared with reporters the details of the strategic partnership agreement signed by the presidents. Among other things, Moscow and Caracas plan to strengthen cooperation in the oil and gas sector, industry and the production of medicines. In an exclusive interview with Izvestia, Ivan Gil Pinto spoke about Venezuela's investment potential, plans to become a part of BRICS, and expectations from the new agreement.
"We have declared our alliance with Russia at a strategic level"
— On May 7, following negotiations between Vladimir Putin and Nicolas Maduro, an agreement on strategic partnership was signed. The Bolivarian Republic has become the first country in Latin America with which Moscow has reached such a level of cooperation. The Russian President singled out energy, transport, pharmaceuticals, logistics, healthcare and the humanitarian component among the promising areas for cooperation. Do the parties plan to cooperate more actively in the oil and gas sector after signing the agreement?
Russian President Vladimir Putin and Venezuelan President Nicolas Maduro during the signing of cooperation documents. May 7, 2025
— Companies from Russia and Venezuela are already actively working together. Venezuela has been conducting various operations in the fields of development, production and use of fossil fuels for many years, and after signing this strategic partnership agreement, we will be able to "step on the gas" and move forward more actively in the implementation of joint projects, this will help us remove any obstacles.
Venezuela is the world leader in proven oil reserves. According to OPEC data for 2024, the share of the Bolivarian Republic accounts for 303.01 billion barrels, which is about a fifth of the world's fuel reserves.
We have declared our alliance with Russia on a strategic level. We expect investments, and we expect investments to arrive in Venezuela not only in the energy sector, but also in projects related to food, pharmaceuticals, and industry. The agreement is quite extensive and will help the governments of both countries to support all initiatives of both private and public companies.
The text of the agreement between Russia and Venezuela talks about cooperation in such areas as the exploration and development of new oil and natural gas fields, increasing the returns of fields operated by joint ventures and reducing their environmental impact through the use of advanced production technologies, and expanding oil trading operations on a mutually beneficial basis. It is also assumed that Moscow and Caracas will develop cooperation in the field of electric power industry.
"We feel like a part of BRICS"
— Speaking of strengthening cooperation between Russia and Venezuela in the economic sphere, is your country considering the possibility of localizing Russian production?
— Yes, we talked about that too. On cooperation in industry, the automotive industry, and the production of medicines. Venezuela is fully supplied with products from large Russian pharmaceutical companies, and now they are starting to look for opportunities to settle in Venezuela.
We have technical capabilities for the pharmaceutical industry, and they are constantly growing. Venezuela is an actively developing country. We invited Russian companies to localize production in our country not only to work in the Venezuelan market, but also to meet the needs of markets in other Latin American and Caribbean countries.
— So, in the future, is it possible to produce Russian cars in Venezuela?
— Of course, it will be possible.
— The last meeting between Vladimir Putin and Nicolas Maduro took place in October 2024 during the BRICS summit in Kazan. At that time, Venezuela expected to receive partner status, but this did not happen due to the lack of consensus among the members of the association. Russia then supported your country's candidacy. Does Caracas continue to be interested in cooperation with BRICS? Are you taking any actions to achieve joining the association?
— Venezuela is working with all BRICS partners. We also have a top-level strategic alliance with China, and we have had strategic cooperation with Iran for over 20 years. Now we are in cooperation with Russia.
Venezuela is a country that enjoys strategic cooperation with most of the BRICS countries. We are close to the ideas of BRICS and we will continue to work, promoting projects, contributing to the construction of financial mechanisms, solidarity, and the development of our economies. We feel like we are part of the BRICS and we will continue to work in this direction.
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