Russian president Dmitry Medvedev and Venezuelan president Hugo Chavez have decided to start joint ventures to pump crude oil and raise military and nuclear cooperation, the Moscow Times reports. Gazprom and four Russian oil companies will create a JV with Petroleos de Venezuela to pump and refine oil from the country's Orinoco Belt.

Both countries want to develop their own banking JV and are looking at “three or four” acquisition targets in the industry. It will be based in Moscow and will open with a capital of $500 million.

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