President Medvedev's visit to Angola is the first to the African nation by a Russian head of state. He made stops in Egypt, Nigeria and Namibia where he faces tough competition from China and the United States for resources, Reuters reported.

The report said standing next to Angolan President Jose Eduardo dos Santos, Medvedev said Russian state-oil company Zarubezhneft and Angolan state-run oil firm Sonangol were in talks to explore for hydrocarbon deposits.

"We also discussed cooperation in other areas and hope we can realize projects that are worthy of the new age," he said.

One such project is Russia's funding of the construction of two major dams in Angola's Kwanza river. Another is a $300 million Russian loan to improve Angola's telecommunications sector with the launch of a satellite branded Angosat.

Both countries signed a total of six agreements to cooperate in several sectors of the economy in hopes of increasing trade between them which stood at just $76 million last year.

"We hope the signing of these agreements will bolster ties between the two nations," Angolan President Jose Eduardo dos Santos, who studied in the former Soviet Union and speaks fluent Russian, told journalists.