Russian oil giant Rosneft (ROSN.RS) will pay Venezuela $1.1 billion to take part in a joint oil-extraction venture in the crude-rich southeast, Energy Minister Rafael Ramirez announced Wednesday.
Russian oil giant Rosneft (ROSN.RS) will pay
Venezuela
$1.1
billion to take part in a joint oil-extraction venture in the crude-rich
southeast, Energy Minister Rafael Ramirez announced Wednesday.
That payment would come on top of an earlier agreed $1.5 billion worth of
financing provided by the Russian firm for the project, Mr. Ramirez said.
"The Russian company will have to make a bond payment to the government in
the amount of 1.1 billion dollars for it participation" in the venture,
the minister said during a news conference.
The deal was signed between
Rosneft
,
Russia
's
leading oil producer, and Petroleos de Venezuela
S.A.
, the
state-owned oil and natural gas concern.
The project seeks to develop oil fields in the
Orinoco
region, an area of vast potential crude reserves that the minister said could
total some 22 billion barrels.
Much of the cost of extracting the oil will fall to Rosneft, which stands to
earn 40% of the proceeds, a handsome return on its investment given the
estimated value of the unextracted oil of more than $14 billion.
Rosneft is one of several Russian companies active in
Venezuela
as
the cash-strapped country seeks the aid of outsiders to help develop its aging
oil extraction industry.
Venezuela
is
South
America
's largest oil exporter and has the world's largest proven reserves.
Caracas
said it produces about three
million barrels of oil per day, according to official data, although OPEC places
the figure at closer to 2.3 million.
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