BULK GOODS

Russia and Venezuela are working on establishing a joint shipping company, foreign maritime websites reported based on Russian media reports.

The shipping company would focus on transporting bulk commodities, such as grain and fertilizer from Russia and cocoa beans and coffee from Venezuela, and could start sailing early in the summer.

Venezuela, a neighbouring country of Colombia, Aruba and Curaçao, has long been Russia’s most important trade and political partner in South America. Venezuela, led by authoritarian President Maduro, maintains warm ties with countries such as Russia, China and Iran, while politically and economically it struggles to get through to the US and Western Europe. Russia and Venezuela therefore both benefit from setting up alternative trade and transport connections.