The Russian Rosneft oil and gas company has invested $9 billion in the Venezuelan state PDVSA oil and gas company’s development, Reuters reported on March 14, citing a Rosneft insider.
According to the Russian company’s insider, Rosneft has been financing joint oil projects with PDVSA since 2010. The Russian company also funded social projects in Venezuela to provide food to people in remote areas. Several million dollars were spent on social projects.
An insider notes that in return, in 2015 Rosneft received a large stake in PDVSA and strong control over this state-owned company.
Reuters notes that both Rosneft and PDVSA managers refused to comment on this insider information.
On March 12, US Secretary of State Michael Pompeo said that the Russian Rosneft oil company was ignoring US sanctions against the Venezuelan PDVSA oil and gas company. Pompeo said that Russia and Cuba, acting together, are keeping the political system of Venezuelan President Nicolás Maduro from collapse.
Since 2013, Rosneft has been one of the largest oil producers in the world. The state-owned Rosneftegaz, JSC owns the controlling interest in Rosneft.
Source: Rossa Primavera News Agency