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Rosneft will invest half a billion dollars in Venezuelan project

"Роснефть" вложит полмиллиарда долларов в венесуэльский проект

Rosneft and state oil company of Venezuela, PDVSA, in the night of Saturday, February 20 signed an agreement under which the Russian company will invest $ 500 million in the development of deposits in the oil belt of the Orinoco river. This is stated in the message of the Venezuelan company, which leads “Interfax”.

The document envisages the increase in the share of “Rosneft” in the joint venture with PDVSA PetroMonagas operating in the Carabobo block, with 16.7 per cent to 40 per cent. In addition, the Russian company will be included as a partner and shareholder in the offshore gas blocks Mejillones Patao and project Mariscal Sucre.

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Notes TASS, the agreement was signed in the presence of the President of Venezuela Nicolas Maduro. “According to the law on nationalization of the oil industry, received $ 500 million in new investment to Venezuela’s oil. In times of world economic crisis and war we get the necessary investments for the future”, — said the head of state.

The total area of oil-bearing belt of Orinoco is 55 thousand square kilometers. In these deposits lies more than 235 billion barrels of recoverable heavy and extra-heavy oil. They are considered one of the largest oil fields in the world.

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