Venezuela will set fire to its oil deposits in the event of a US military operation, Venezuelan Ambassador to Russia, Navarro Alexis Rojas said at a news conference in Moscow, Wednesday.

“Such an invasion would be aimed at gaining control over oil. We will set our oil fields on fire in the event of any invasion. It will be our first response to it,” the Interfax news agency quoted the diplomat as saying.

Oil prices would skyrocket if reports claiming any imminent aggression appeared, the ambassador said. Venezuela would also take advantage of Latin America’s solidarity agreements, he said.

Venezuela has raised worries in the United States by purchasing a large batch of assault rifles from Russia and reportedly being in talks to buy several Russian combat aircraft.

The Rosoboronexport Federal State Unitary Enterprise displayed one hundred and fifty types of armaments and other military hardware at the “Expo Ejercito-2006” international show, which ended in Venezuela, last weekend

This annual exhibition was held for the first time in spite of the embargo on arms deliveries to Venezuela, which the Bush administration had clamped down on the country last May.

The American sanctions were allegedly imposed due to the Venezuelan authorities’ insufficient backing of Washington’s fight against terrorism. The embargo was clamped down, in particular, on the deliveries of spares for the American F-16 fighters with which the Venezuelan Air Force is armed. Due to this, President Hugo Chavez announced last week a decision to buy twenty-four Russian multi-functional Su-30 fighters to renew the country’s aviation pool and to replace the American F-16 planes.

Leader of the Russian delegation and Chief of the Rosoboronexport Regional Department Sergei Ladygin held talks in the course of the show on the promotion of Russia’s defense contacts with Venezuela, which are being implemented in keeping with the inter-state agreement on military-technology cooperation between the two countries.
Interviewed by Itar-Tass, Ladygin confirmed that the negotiations were all by completed on the delivery of Russian fighters and helicopters to Venezuela and on the licensed production within the country of AK-103 submachine-guns and ammunition for them, on the establishment of a servicing and training centre to take care of the delivered helicopters.

Ladygin spoke highly of the level of military-technology cooperation with Venezuela, which he stated was "mutually profitable and in keeping with the international agreements, regulating the sale of armaments and military equipment".