ORENBURG (Russia), Sept 26: Russian and Venezuelan energy companies are to form a consortium to invest tens of billions of dollars in oil and gas projects in the South American country, Russia’s energy minister said on Friday.

Russia’s five leading oil and gas companies -- Gazprom, LUKoil, TNK-BP, Surgutneftegaz and Rosneft -- would form a consortium and be joined by Venezuelan companies, Sergei Shmatko told journalists here.

Asked how much money the consortium would invest, Shmatko said: “Tens of billions of dollars.” He said the consortium would be developed by early 2009.

Shmatko spoke after talks between Russian President Dmitry Medvedev and Venezuelan President Hugo Chavez in the Russian city of Orenburg.

After the meeting, the heads of Russian gas giant Gazprom and Venezuelan oil firm PDVSA inked a deal on “determining possible directions for cooperation.” Shmatko and his Venezuelan counterpart Rafael Ramirez signed an agreement “to develop a special additional inter-government agreement in the energy sphere.” In July, Chavez agreed to allow Russia’s Gazprom, Lukoil and TNK-BP to work in his country’s energy-rich Orinoco Belt.—AFP