Russia’s Rosneft, Venezuela’s PDVSA confirm intention to create gas venture

Jun 20, 2015 12:00 AM

Russian oil giant Rosneft and Venezuela's state-owned PDVSA on Saturday confirmed their determination to create a joint venture on gas and condensate production on Venezuelan shelf under the Mariscal Sucre project, the Russian company said in a press release.

Earlier in the day, Rosneft and PDVSA signed a Memorandum on Development of Priority Projects on the sidelines of the St. Petersburg International Economic Forum.

"The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation," the press release read.

On Thursday, Rosneft announced that the two enterprises agreed on the details for possible deliveries of Rosneft's Urals oil to Venezuela for processing in PDVSA refineries.

The companies actively cooperate in the implementation of five major joint projects: PetroMonagas, Petroperija, Boqueron, Petrovictoria and PetroMiranda.

According to PDVSA head Eulogio Del Pino, Rosneft's investments into joint projects with the Venezuelan oil and natural gas company could reach $1.2-$1.3 billion in 2015.

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