The leaders of Russia and Venezuela have signed a number of bilateral agreements for future business cooperation between the two countries.

Russian Prime Minister Vladimir Putin oversaw the signing of 31 agreements in oil, nuclear power and trade on Friday during his first visit ever to Venezuela, while Venezuelan President Hugo Chavez said they even held talks on joint space exploration.

The agreements included a wide range of sectors including aircraft manufacturing, shipbuilding, energy, education, transport and agriculture; Russian companies are reportedly paying for the right to participate in the development of untapped Venezuelan oil fields.

An agreement has been signed for AvtoVAZ to supply 2,250 Lada Kalina cars to Venezuela, as well as for AvtoVAZ to build an assembly plant in the country.

No time-scale for the building of a plant was included in the agreement.