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PDVSA, Rosneft ink five-year oil deal

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Venezuela state oil firm PDVSA will provide 1.6Mt and 7.5Mt of oil and oil products, respectively, as part of an agreement with Russian state oil giant Rosneft.

The total value of the five-year deal was not disclosed but an advance payment to PDVSA is valued at US$2bn, according to a Venezuelan government release.

Venezuela is seeking to finance industry investments as a means to raise production in the country with the world's largest oil reserves. PDVSA anticipates total investments for oil projects at US$235bn, including the Orinoco heavy oil belt, stated PDVSA minister Rafael Ramírez.

"We're concentrating all of our technological capacity in developing these oil [projects], which should ensure 150 years of production at a rate of 6Mb/d, to be reached by 2019," said Ramírez.

In the signature ceremony attended by Russian President Vladimir Putin in Saint Petersburg, Rosneft also announced the signing of a memorandum of understanding with Cuban state-oil company (Cupet) for the implementation of projects within Cuba, although no specifics were given on the financial aspects or project details.

Article Credit: Bnamericas

Updated 6 Years ago

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