Venezuela's partnership with Russia and China to fortify investments

Nov 20, 2009 01:00 AM

The Venezuelan government's agreements with Russia and China will boost the oil and gas investments within the country. Petroleos de Venezuela (PdVSA), the state owned oil and gas company and Russia's National Oil Consortium have signed a memorandum of understanding on cooperation for the exploration of oil reserves in the Orinoco belt.
Closely following this agreement, Venezuela has signed an agreement with China for developing its resources in the Orinoco belt.

The investments are intended to develop Venezuelan oil and gas fields. The Latin American country depends majorly on oil and gas exports and its declining oil revenues since the global recession as well as confiscation of foreign assets due to nationalization has hampered the fresh investments for oil and gas explorations within the country.
The MoU is anticipated to revive the ailing oil and gas industry.

Russian National Oil Consortium which comprises of TNK-BP, Rosneft, LUKoil, Gazprom Neft, and Surgutneftegaz is likely tofund infrastructure investment worth $ 600 mm initially. The Russian consortium will support the development of new blocks along with Junin-3 Block, Ayacucho-2 Block and Ayacucho-3 Block, which were being handled by Russian NOCs.
On the other hand, China has agreed to invest close to $ 16 bn over 3 years in the Orinoco belt.

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