Rostec, Corpoelec Agree To Cooperate To Ensure Venezuelan Energy Security

Muhammad Irfan Published August 03, 2021 | 03:33 PM

Rostec, Russia's state aerospace and defense conglomerate, said on Tuesday that it has signed a memorandum with Venezuelan electricity corporation Corpoelec aimed at ensuring the Latin American country's energy security

MOSCOW (UrduPoint News / Sputnik - 03rd August, 2021) Rostec, Russia's state aerospace and defense conglomerate, said on Tuesday that it has signed a memorandum with Venezuelan electricity corporation Corpoelec aimed at ensuring the Latin American country's energy security.

"Together with South American partners, it is planned to implement a number of projects using advanced developments and best practices to improve the safety of critical energy infrastructure. In the near future, a technical commission will be created with four representatives from each side," the general director of the Rostec subsidiary, RT-Project Technologies, Sergey Yarosh said.

In order to ensure the security of the Venezuelan national electric power system, the parties plan to implement joint projects in the field of digital technologies, technical support, supply of the necessary equipment, training, and professional certification of Venezuelan specialists, Rostec said in a statement.

"This will ensure uninterrupted power supply to settlements, improve the quality of life of Venezuelan citizens and contribute to the socio-economic development of all the country's regions," the statement said.

Corpoelec is a Venezuelan fully integrated state power corporation that specializes in the generation, transmission, distribution, and marketing of electricity in the country. The company was established in 2007 as a result of the merger of the assets of ten state-owned energy companies.

Rostec state corporation is one of the largest industrial companies in Russia. It unites more than 800 scientific and industrial organizations in 60 Russian federak subjects. Its key areas of activity include aircraft construction, radio electronics, medical technologies, innovative materials, and others.