Venezuela Says Agrees with Russia on USD 14 B Investment in Oil/Gas Sector

World | May 28, 2015, Thursday // 17:17
Bulgaria: Venezuela Says Agrees with Russia on USD 14 B Investment in Oil/Gas Sector A handout picture provided by the Miraflores Press shows Venezuelan President Nicolas Maduro (R) receiving President of Russian state-run oil company Rosneft Igor Sechin (L) in Caracas, Venezuela, 27 May 2015. EPA/BGNES

Venezuela and Russia have agreed to invest more than USD 14 B in the oil and gas industry of the South American country, Venezuelan President Nicolas Maduro has said.

The agreement is aimed at doubling Venezuela's oil output, newswires quoted Maduro as saying in a televised address on Wednesday evening following a meeting with the CEO of Russia’s biggest oil producer Rosneft, Igor Sechin.

The agreement was reached in talks between Maduro, Sechin and the head of Venezuela’s state-owned oil firm PDVSA.

According to Maduro, the investment will be used to develop the so-called Orinoco Belt. The area, which runs through the northeast and into the Caribbean Sea, holds some of the world’s largest crude oil reserves.

Maduro provided no details of the planned investment.

Reuters quoted Rosneft as saying in emailed comments that the USD 14 B was the total amount of investments of the company in Venezuela during the lifespan of current and future projects.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: Russia, Rosneft, Venezuela, Maduro, oil, gas

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria