OREANDA-NEWS Russia and Venezuela have agreed to increase the share of settlements in national currencies under foreign trade contracts, Russian Deputy Prime Minister Alexander Novak said following the results of the intergovernmental commission of the two countries.

"Joint projects in the field of oil production are being successfully implemented. And we have outlined ways to further develop cooperation and increase production volumes here," he said following the results of the intergovernmental commission of Russia and Venezuela.

"We have agreed to increase settlements in national currencies," Novak said.

"There is a prospect of cooperation in the gas industry. But there is now a legal liquidation of the old enterprise. And after that, it will be possible to discuss some specific deposits. There is a settlement of those old issues that have been accumulated," Novak said following the results of the Russian-Venezuelan intergovernmental commission.

"They (Venezuela - ed.) have a task to increase production. The companies are working, exceeding the plan, these five joint ventures. Now it is 16% overfulfilled," Novak said following the results of the Russian-Venezuelan intergovernmental commission.

According to the Deputy Prime Minister, oil production by joint ventures of Russia and Venezuela last year amounted to 35 million barrels, and this year it will be more.

The Seventeenth Intergovernmental Russian-Venezuelan Commission is being held in Moscow on Monday under the chairmanship of Novak and Venezuelan Oil Minister, PDVSA President Pedro Telechea.