Venezuelan President Hugo Chavez said he will arrive in Russia on July 22 as part of a visit aimed at boosting bilateral relations, the Prensa Latina news agency said on Thursday.

Speaking at a Socialist Party meeting in the state of Aragua, Chavez said during the visit he expected to meet Russian President Dmitry Medvedev and an agreement to set up a joint bank, as well as industrial and technological projects would be discussed.

Chavez thanked Russia for their support, particularly in providing easy-term loans to help modernize the Venezuelan Army. He pledged to continue military and technical cooperation, including the purchase of military hardware, such as Russian Sukhoi aircraft and helicopters.

Venezuela is a major purchaser of Russian weapons and hardware. In 2005-2006, Venezuela ordered weaponry from Russia worth $3.4 billion, including 24 Su-30MK2V Flanker fighters, Tor-M1 air defense missile systems, Mi-17B multi-role helicopters, Mi-35 Hind E attack helicopters and Mi-26 Halo heavy transport helicopters.

The two countries have also prioritized cooperation in the energy and mining sectors. Russian gas monopoly Gazprom, the country's largest independent oil producer LUKoil, Russian-British joint oil venture TNK-BP, aluminum giant RusAl and a number of other companies are active in the Venezuelan market.

Chavez and Russian Prime Minister Vladimir Putin discussed preparations for a possible visit by the Venezuelan leader in a phone conversation in late June.