Venezuela backs Russian nuclear deal

CARACAS, Venezuela, Nov. 10 (UPI) -- Venezuela could designate 15 million barrels of oil for export through a nuclear power plant planned with Russia's help, the parliament announced.

Venezuela ratified a deal with Russia on nuclear cooperation. The government said the deal would "save up to a billion dollars a year by exporting 15 million barrels of oil that are now spent on producing the equivalent volume of electricity," Russia's state-run news agency RIA Novosti quoted the parliament as stating.

Moscow aims to expand its nuclear partnerships with its international partners. Russia is working in Iran on a nuclear power plant and landed new nuclear deals with Ankara and Beijing. More deals are in the works in India and the Czech Republic.

Venezuelan President Hugo Chavez signed a nuclear cooperation deal with his Russian counterpart Dmitry Medvedev during his October visit to Moscow.

Russia aims to build two 1,200 megawatt reactors at a Venezuelan plant, marking the first nuclear power project in Latin America.

Russian power companies said they would be ready to go on plant construction within the next 10 years.