Putin: Uralmash set to form joint venture to produce oil industry equipment in Argentina

Energy cooperation between Russia and Argentina has been active, Russian President Vladimir Putin said.

Energy cooperation between Russia and Argentina has been active, Russian President Vladimir Putin said.

"Our enterprise, Uralmash, is planning to form a joint venture with Argentine partners to produce oil industry equipment in Argentina," Putin said at a joint press conference with Argentine President Cristina Fernandez de Kirchner in the Kremlin on Thursday.

"Gazprom is involved in the elaboration of a general development scheme for the Argentine gas industry and considering a possibility for joint development of hydrocarbon fields in Argentina," he said.

According to the Russian head of state, Argentina generates about 20 percent of its electric power with Russian equipment.

"The company, Power Machines, is ready to join the project of modernization of the Argentine-Uruguayan hydropower plant Salto Grande," Putin continued.

He recalled that Russian companies led by Inter RAO won a tender in December 2014 to build a new hydropower plant in Argentina, Chihuido-1.

"Russian investment will near $1.9 billion," Putin said.

In addition, Russia and Argentina intend to strengthen cooperation in other high tech areas, among them the space industry, he said.

"Relevant departments have been instructed to update the bilateral agreement on the use of outer space and to accelerate the deployment of a network of Glonass navigation satellite stations in Argentina," the Russian president said.

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