Energy

TNK-BP to Explore Oil Production in Venezuela
The TNK-BP company has concluded an agreement with Venezuela on oil exploration of the Ayacucho block of the Orinoco oil belt. The signing was announced after a meeting of the Russian-Venezuelan high-level intergovernment commission. The contract provides for the comprehensive evaluation and certification of the block's deposits. Itar-Tass

New Uranium Deposit to be Developed
A large uranium field will be developed in Yakutia in East Siberia. According to Russia's Federal Agency for Nuclear Power, the country has 870,000 metric tons of natural uranium, the world's third-largest reserves behind Australia and Kazakhstan. About 18 billion rubles ($722 million) in federal budget funds has been allocated this year for the development of the nuclear energy sector, and 51 billion rubles ($2 billion) and 90 billion rubles ($3.6 billion) would be spent in 2008 and 2009, respectively. RIA Novosti

Russian Carmaker GAZ to Launch Bus Plant with Brazil's Marcopolo
Russian automaker GAZ Group announced it would start producing medium-sized buses with Brazilian bus manufacturer Marcopolo in November. The plant, in which $3 million has been invested, will have an annual production capacity of 1,000 vehicles and will be located in Pavlovo, in the Nizhny Novgorod Region. Production of buses at the plant under the `Real' brand will reach over 100 by the end of the year. GAZ supplies vehicles to 29 countries in the former Soviet Union, Central Europe, Southeast Asia, Africa, Latin America and the Middle East. RIA Novosti

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