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PDVSA and Rosneft ink oil products agreeement

17th November 2014

Rosneft and PDVSA have signed a long-term contract for supplies of oil and oil products of Venezuelan production

PDVSA and Rosneft ink oil products agreeement
PDVSA and Rosneft ink oil products agreeement

The document envisages the supplies of over 1.6 million tons of oil and 9.0 million tons of oil products to Rosneft within five years.

“I would like to emphasize the growing volume of cooperation between Russia and Venezuela in the oil sector,” said Igor Sechin, Rosneft head.

“I thank the vice-president and minister of foreign affairs of Venezuela Rafael Ramirez and the new head of PDVSA Eulogio del Pino for their support in the implementation of new projects.”

During the meeting in Moscow a wide range of issues pertaining to current cooperation and Rosneft's operations in Venezuela, as well as prospects for developing new projects were discussed.

The parties agreed to conduct a conference on the issues of development of the world oil market on the 21 November.

During the conference the parties are going to discuss the proposals on the enhancement of working efficiency of the oil producing countries in current price conditions.

"I would like to sincerely assure you of our friendship and interest to develop joint projects. I would also like to once again offer you my congratulations on your new appointment as the vice-president and minister of foreign affairs of Venezuela.

“I believe that this appointment will give a new impetus to Russian-Venezuelan cooperation in the energy sector and will facilitate effective development of our joint projects", said Sechin.

In July of 2014, in Venezuela, a number of documents were signed to create the Petrovictoria Joint Venture, commence the Carabobo-2 Project implementation, create a drilling and oilfield services joint venture, a construction and engineering joint venture, cooperate in offshore projects, and organize training of Venezuelans in Rosneft's partner higher education institutions.

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