Rosneft, PDVSA to create natural gas JV

Russia’s Rosneft and Venezuela state-owned PDVSA have signed, at the St. Petersburg International Economic Forum, a Memorandum of Development regarding joint projects of the two companies in Venezuela.

The document was signed by Chairman of Rosneft Management Board Igor Sechin and PDVSA President Eulogio Del Pino.

The two companies signed a “Strategic Plan for Investment in Oil and Gas” thus confirming their intention to create a joint venture for gas and condensate production offshore Venezuela as part of Mariscal Sucre project.

The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

To remind, in May 2015, these two executives discussed joint projects that are being developed in Venezuela and evaluated new investment opportunities offered by the huge non-associated gas resource base in offshore areas of Venezuela.

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