Russia is to build a nuclear power plant in Venezuela as part of a series of energy deals between the two nations.
The ITAR-Tass news agency said Russia will build two 1200 megawatt nuclear reactors at the Venezuelan plant.
Meanwhile Rosneft, a giant state oil company in Russia, will buy a 50% stake in the German refinery company Ruhr Oel from PDVSA, a state-owned Venezuelan company.
Ruhr Oel holds stakes in four German petrochemical and refinery plants.
The agreement, worth $US1.6 billion, was signed at the Kremlin on Friday during a visit by President Hugo Chavez of Venezuela.
In addition to the nuclear and Rosneft deals, the BBC reports TNK-BP is to buy three of BP's assets in Venezuela by the end of the year. The price was not revealed.