https://sputnikglobe.com/20160220/rosneft-venezuela-oiI-industry-investment-1035074186.html
Rosneft Invests $500 Million in Venezuela’s Oil Industry Amid Crisis
Rosneft Invests $500 Million in Venezuela’s Oil Industry Amid Crisis
Sputnik International
Russian oil giant Rosneft has signed an agreement with Venezuela’s state-owned Petróleos de Venezuela oil and gas company (PDVSA) on additional investments in... 20.02.2016, Sputnik International
2016-02-20T03:35+0000
2016-02-20T03:35+0000
2016-02-20T03:35+0000
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business, newsfeed, venezuela, nicolas maduro, rosneft, pdvsa, oil in turmoil
business, newsfeed, venezuela, nicolas maduro, rosneft, pdvsa, oil in turmoil
Rosneft Invests $500 Million in Venezuela’s Oil Industry Amid Crisis
Russian oil giant Rosneft has signed an agreement with Venezuela’s state-owned Petróleos de Venezuela oil and gas company (PDVSA) on additional investments in Venezuela’s oil industry in the amount of $500 million.
MEXICO CITY (Sputnik) – Venezuelan President Nicolas Maduro said on Friday as quoted by VTV (Venezolana de Televisión) that the "necessary investment for the future" comes amid a "global crisis" and "economic war."
19 February 2016, 23:01 GMT
Maduro was speaking at the signing ceremony in Caracas attended by Rosneft and PDVSA officials.
The investment will increase Rosneft’s stake in the Petromonagas crude-processing venture, located in Venezuela’s Orinoco belt. Rosneft previously held 16.7 percent of the joint venture.
19 February 2016, 22:34 GMT
In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years.
Up to 96 percent of Venezuela’s budget depends on oil revenues.
