Chavez: Venezuela's military cooperation with Russia is proceeding 'at full speed'

Moscow- Venezuelan President Hugo Chavez said that military cooperation with Russia is proceeding at full speed, Russian news agencies reported Wednesday.

Chavez said Venezuela was in the process of re-equipping its army and purchasing Russian fighter jets and parts for an integrated anti-aircraft system.

"Russia will continue shipping components for this system," Chavez said, according to the Interfax news agency.

"We are proceeding at full speed," Chavez told a press conference late Tuesday, the agency reported.

Interfax reported that Chavez also said Venezuela would welcome Russian military bases in the South American country, but the Venezuelan government denied that report.

"At no moment did the head of state make such an offer," the government said.

The report quoted Chavez as saying "If Russian armed forces would like to come to Venezuela, they will be welcomed warmly."

Chavez arrived in Russia to broker a number of deals involving weapons purchases, oil exploration and the creation of a joint financial institution.

He refused to estimate the size of the arms deals when asked, Interfax reported.

"Don't worry about the amounts — that's our task," Chavez said, according to the agency.

Venezuela, which spent US$4 billion (€2.54 billion) on international arms purchases between 2005 and 2007, mostly from Russia and China, has a defense budget of US$2.6 billion (€1.65 billion), according to the London-based International Institute for Strategic Studies.

"Venezuela is expending an awful lot of resources to obtain an awful lot of military hardware — some would say much more than they actually need," U.S. State Department spokesman Gonzalo Gallegos said Wednesday in Washington.