Russia has agreed to help Venezuela draw up plans for a nuclear power plant and space programme, President Hugo Chavez announced.
Atomic energy was one of many areas of co-operation discussed as Russian Prime Minister Vladimir Putin made his first visit to the South American country.
"We're ready to start drawing up the first plan of a nuclear power plant, obviously with peaceful aims," Mr Chavez said.
Mr Chavez had announced plans to turn to Russia for nuclear help in the past.
He did not give details on how much Venezuela is prepared to invest, or how long it might take.
Russia and Venezuela also launched a joint business to tap vast oil deposits in eastern Venezuela and Mr Chavez said Moscow has offered to help Venezuela set up its own space industry including a satellite launch site.
Mr Putin also pledged to keep selling arms to Venezuela. Mr Chavez's government has already bought more than $4 billion (£2.6bn) in Russian weapons since 2005, including helicopters, fighter jets and 100,000 Kalashnikov rifles.
"We will continue supporting and developing Venezuela's defence capabilities," said Mr Putin, who headed back to Moscow after the one-day visit.
Officials signed 31 agreements during Mr Putin's visit to deepen co-operation in areas from air transport to agriculture.
Mr Chavez has grown increasingly close to Russia, Iran and China while fiercely criticising US policies, and his calls for countering US influence to create a "multipolar world" have found resonance in Moscow.
Mr Chavez presented Mr Putin with the Order of the Liberator – Venezuela's highest honour – and gave him a replica of a sword used by South American independence hero Simon Bolivar – the namesake of Chavez's socialist-inspired "Bolivarian Revolution."
Mr Putin kissed the replica sword and said: "Russia from the start has supported Latin America's struggle for independence."
"Our objective is to make the world more democratic, make it balanced and multipolar," Mr Putin said.
"The co-operation between Russia and Venezuela in this context has special importance."
When asked by a reporter how the US might view Venezuela's growing defence spending, Mr Chavez noted Washington has barred arms sales to his government.
"The Yankee empire doesn't want us to have one single little plane," he said, adding: "We don't really care what Washington thinks. We aren't making alliances here against Washington."
Mr Putin said if the United States doesn't want to sell arms to Venezuela, "well, for us that's good."
The US State Department poked fun at Mr Chavez's suggestion that Venezuela may set up a space industry with Russian help.
"We would note that the government of Venezuela was largely closed this week due to energy shortages," spokesman P.J. Crowley told reporters.
"To the extent that Venezuela is going to expend resources on behalf of its people, perhaps the focus should be more terrestrial than extraterrestrial."
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