Russian Deputy Prime Minister Igor Sechin is leading the delegation of around 60 businessmen, which will be taking part in Russian-Venezuelan intergovernmental commission meetings on November 6-7.
Cooperation between Venezuela's state oil and natural gas company Petroleos de Venezuela (PDVSA) and Russia's largest energy companies, as well as a project to establish a joint development bank, are expected to be on the agenda.
Sechin, who visited Venezuela in mid-September, will continue talks on the establishment of a Russia-Venezuela oil and gas consortium.
Russian energy minister Sergei Shmatko said earlier the consortium, to be set up next spring, will include Russia's Gazprom, Rosneft, TNK-BP, Surgutneftegaz and LUKoil, and that investment from the Russian companies would total "tens of billions of dollars."
PDVSA will hold a controlling stake in the consortium.
Venezuela is one of the world's largest oil producing states, with about 87 billion barrels of proven conventional oil reserves. In addition, it has huge non-conventional oil deposits (heavy oil). Most of these deposits are located in the Orinoco oil belt.
Venezuelan President Hugo Chavez said earlier that Sechin's visit would pave the way for the arrival of Russian President Dmitry Medvedev in Venezuela.
Chavez first announced Medvedev's "strategic" visit to Venezuela on October 10. Russian presidential spokeswoman Natalya Timakova has said Medvedev could stop off in some Latin American countries as part of his trip to Lima, Peru for the APEC summit on November 22-23.
