Russian Prime Minister Vladimir Putin said Monday that Russia would export military equipment to Venezuela worth $5 billion.

"The orders for military hardware may exceed $5 billion," said Putin at a conference over the development of Russia's defense sector.

The orders will be placed at Russia's 13 head defense firms, the Itar-Tass news agency reported.

Last week during his first trip to Venezuela, Putin clinched a number of deals expected to boost bilateral ties in energy, defense, space and other sectors.

He also personally delivered four Mi-17 helicopters to Venezuelan President Hugo Chavez, the remaining four of 38 military helicopters Venezuela bought from Russia.

The relationship and cooperation between Russia and Venezuela have been strengthened in recent years. Chavez has visited Russia for eight times in his 11 years in office, while Russian President Dmitry Medvedev visited Venezuela in 2008.

Venezuela has bought arms including fighter jets, helicopters and assault rifles from Russia since 2005.