Venezuela Will Buy Auto Parts to KamAZ for Petro


Published on 04 Apr. 2018
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Caracas and Moscow are discussing the possibility of purchasing auto parts for KamAZ for the Venezuelan cryptocurrency Petro. They are also talking about the cancellation of the customs duties between two countries, reports ТАСС.

The auto parts for KamAZ will be purchased by Venezuela for its national oil cryptocurrency. This has become known on Tuesday, April 3, from the minister of foreign trade of the South American republic JoséVielmaMora during the meeting of the bilateral intergovernmental commission in Caracas. 

The officials present on the meeting were the deputy minister of industry, science and technology of the RF Oleg Riazancev, and the vice-president for economic and financial issues, the minister of agriculture of Venezuela WilmarCastroSoteldo.

The head of the ministry of Venezuela reported that the members had discussed the cooperation of the Venezuelan party and the company KamAZ on purchasing auto parts, tires, batteries, as well as assembling of these vehicles in Venezuela. In particular, the officials had discussed the form of payment in the national Venezuelan cryptocurrency Petro. The informational agency AVN reported that Venezuela had addressed the cancellation of customs duties between two countries. The minister said:

I’ve also talked to the deputy minister of industry of Russia [Oleg Riazancev] that Venezuela could have had… zero customs duties [with Russia]. We are discussing the possibility for our entrepreneurs and investors to access the legislative base for carrying out sound business which multiplies wealth and creates the heritage for all Venezuelans.                           

He also mentioned that Russia would probably import such products as steel, aluminum, flowers, coffee, cocoa, textile materials, and footwear from Venezuela.

The cooperation of these two countries was vividly discussed on the Internet and media space at the end of March. The hype referred to the creation of Petro cryptocurrency and possible Russian help in it. One should remind that Russia denied its participation in creating this digital currency, and stated that the existing national debt of Venezuela would not be paid in this cryptocurrency.

 


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