MOSCOW, July 24 (UPI) -- Many analysts expected Venezuelan President Hugo Chavez, who visited Moscow on July 22, to sign new agreements in military-technical cooperation, but this did not happen.

Instead, a number of Russian oil giants signed promising contracts with Venezuela. They would replace their American counterparts, previously ousted by Hugo Chavez.

Although the flamboyant Venezuelan president has visited Russia more than once since he was elected in 1999, bilateral cooperation was primarily limited to the sale of Russian weapons to Venezuela.

In June Prime Minister Vladimir Putin complained that mutual investment was inadequate and urged a broader partnership with Venezuela in the oil-and-gas industry as well as other spheres.

This desire became reality during Chavez's recent trip to Moscow. Three Russian oil and gas companies -- LUKoil, TNK-BP and Gazprom -- agreed to work on prospective licensed areas in the Orinoco River oil belt in cooperation with the Venezuelan state-owned petroleum company PDVSA. The three Russian companies signed the relevant agreements with PDVSA on July 22 in the presence of the two presidents -- Chavez and Dmitry Medvedev. Moreover, these projects will be carried out under their personal control.