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Rosneft to increase stake in Petromonagas project in Venezuela

Tuesday, February 23, 2016 10:55

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Russian company Rosneft has agreed to pay $500m to Petroleos de Venezuela (PDVSA) in a bid to increase its stake in the Petromonagas crude-processing joint venture (JV).

Following the deal, Rosneft will increase its ownership in the project in Venezuela’s Orinoco belt to 40% from its previously held 16.7%.

PDVSA owns the remaining 83.3% in the JV. The deal will reduce the company’s interest to 60%.

Both the companies plan to amplify the project development by introducing new technologies and raising E&P management efficiency.

At present, Petromonagas produces and upgrades over 130 Mbbls/d of extra heavy crude.

The first export contract between Rosneft and PDVSA was signed in May 2014 …. http://www.hydrocarbons-technology.com

Source: http://luismmx.blogspot.com/2016/02/rosneft-to-increase-stake-in.html

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