Trade between the two countries amounted to a mere 32 million dollarsmillion euros) last year, the spokesman acknowledged.

Chavez, a populist, left-of-center leader who has strained relations with the United States, is also expected to lay out his vision of a multipolar world.

Although Russia and Venezuela, both major oil producers, have opposing views concerning global supply needs, both "have an interest in contributing to stability on world energy markets", Yakovenko said.

Chavez is to meet Thursday with Russian business leaders and have lunch Friday with Russian counterpart Vladimir Putin before signing trade agreements.

According to Russia's ambassador to Venezuela, Alexey Ermakov, Moscow would like to invest five billion dollars (3.8 billion euros) in the South American country over the next 10 years.

For its part, Venezuela is expected to confirm an order for 40 Russian helicopters, and possibly purchase automatic weapons as well, according to experts.

The second biggest Russian oil group, LUKoil, is to win a contract to modernise 150 refineries in Venezuela, while gas giant Gazprom is to bid on the construction of a pipeline there.

Venezuela, the eighth biggest oil producer in the world and the fifth largest exporter, has argued until now for OPEC, of which it is a member, to maintain tight output quotas.

Russia, the second biggest oil producer after Saudi Arabia, regularly seeks to increase the volume of its exports.

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