Rosneft to Invest $16 Bln in Venezuela

Russia’s largest state-owned oil company Rosneft and Corporation Venezolana del Petroleo (CVP), a subsidiary of Venezuela’s state oil and gas company PDVSA, have signed an agreement to establish a joint venture to develop the Carabobo 2 bloc in the southern Orinoco extra-heavy crude belt in Venezuela. The Russian company’s share will be 40 percent. The two companies also signed a memorandum of understanding, an agreement on Rosneft paying a bonus of $1.1 billion and a deal to issue a $1.5 billion loan to CVP for five years. The total amount of Rosneft's investments is expected to be $16 bln.

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