Venezuela Plans to Set Pp Air-Defense System
Venezuelan President Hugo Chavez said Friday that Venezuela was planning to establish an air-defense system to protect it from attacks.

In a televised speech, the leader said Venezuela was going to have a powerful air-defense system, which would protect the country from any external threats and aggression.

Dismissing suggestions that Venezuela was pursuing an arms buildup, Chavez said the move was only aimed at modernizing the country's military sector and it was a necessary investment.

Chavez, who has often traded verbal attacks with his U.S. counterpart George W. Bush, also unveiled plans to invest over 561million U.S. dollars in arms factories, training facilities and fighter jet maintenance facilities.

In February, Chavez confirmed plans to buy Russian air defense missiles as part of a weapons upgrade program to guard strategic sites in the country such as oil refineries and hydroelectric dams.

According to Venezuelan reports, Russia has signed military deals worth some 3 billion dollars with Venezuela.

In 2006, Venezuela bought from Russia 24 Sukhoi 30 fighter jets,53 MI-24 military helicopters and 100,000 Kalashnikov assault rifles.