Russia Will Build Nuclear Power Plant in Venezuela

Russian President Dmitri Medvedev announced Friday that Russia plans to build a nuclear power plant in Venezuela, which is the first of its kind.

Medvedev and Venezuelan President Hugo Chavez signed an agreement for the nuclear power plant and for Russia to invest $1.6 billion in Venezuela's oil industry, according to the Los Angeles Times.

Venezuela has a lot of energy from oil and natural gas, which raises concerns amongst other countries, including the United States, according to the New York Times.

"The president said there will countries in which this will provoke different emotions, but I want to say specially that our intentions are absolutely pure and open," Medvedev said in the New York Times.