Venezuelan President Hugo Chavez was to meet Russian counterpart Dmitry Medvedev on Friday after Russia risked Washington''s wrath by offering the fierce US foe help developing nuclear energy.

The two were to meet in the city of Orenburg after hawkish Prime Minister Vladimir Putin told Chavez in Moscow on Thursday that Russia was "ready to consider the possibility of cooperation in nuclear energy."

The countries have boosted ties in recent weeks following sharp US criticism of Russia''s incursion into Georgia, with Moscow dispatching long-range bombers and warships to Venezuela for exercises near US waters.

Putin made the nuclear offer after Russia this week delayed talks with the United States and other powers on fears Iran is developing nuclear weapons, concerns critics say have been exacerbated by civilian nuclear technology provided by Moscow.

Chavez called for increased ties with Russia as a counter-balance to US power.

"Today like never before all that you said on the multi-polar world becomes reality. Let us not lose time," Chavez told Putin. "The world is fast developing geopolitically."