Russia and Argentina signed agreements which amounted to an all-encompassing strategic partnership during Argentine President Cristina Fernandez visit to Moscow, which ended on Thursday with the meeting at the Kremlin with her counterpart Vladimir Putin.
The two countries signed a number of deals on developing hydroelectric, nuclear and fossil-based energy and announced intentions to use each other's currencies in trade.
The memorandums are a massive breakthrough for economic relations between Russia and Argentina, said Russian President Putin who described the negotiations rich and fruitful.
Cristina Fernandez said Argentina considers Russia a strategic partner and revealed the two sides agreed to conduct thorough consultations on using national currencies in trade calculations instead of the US dollar.
A two billion dollars memorandum was signed for the construction of a hydroelectric dam. Russia's VEB bank will provide 1.2bn of the total investment needed, 35% of which will be used to pay Argentine subcontractors.
In addition, Russia will provide Argentina with access to Russian nuclear power technology. The deal will be prepared by the end of the year. The head of Russian nuclear power plant company Rosatom declined to give an estimate to the deals, saying that one bloc costs billions of dollars.
Rosatom has joined the project to build the sixth bloc of the Atucha nuclear power plant, Putin said.
Russian energy giant Gazprom signed a memorandum to explore and develop gas fields with Argentine state gas company YPF. The deal may amount to 1bn in investments according to Argentina's Minister of Industry.
Russian company Uralmash will also construct a plant which will manufacture oil extraction equipment, which will amount to an additional 1.9 billion in Russian investment.
Putin also said that Russia and Argentina will cooperate in the military-technical sphere and pledged to accelerate the construction of GLONASS satellite navigation systems in Argentina.