MOSCOW: Venezuelan President Hugo Chavez said military cooperation with Russia is proceeding and suggested that Russia should open a military base in the South American country, Russian news agencies reported on Wednesday.

“We are proceeding at full speed’’ with military cooperation, Chavez said at a news conference late on Tuesday, the Interfax news agency reported.

He said Venezuela was in the process of re-equipping its army and purchasing Russian fighter jets - Su30s - and parts for an integrated anti-aircraft system. “Russia will continue shipping components for this system,’’ Interfax quoted Chavez as saying. The maverick president also said Venezuela would welcome Russian military bases in the South American country.

“If Russian armed forces would like to come to Venezuela, they will be welcomed warmly,’’ Chavez told the news conference, Interfax reported. “We will raise flags, beat drums and sing songs, because our allies will come.’’

Chavez arrived in Russia to broker a number of deals involving weapons purchases, oil exploration and the creation of a joint financial institution.