Rosneft to invest £14bn in Venezuelan oil and gas sector

Venezuelan President Nicolas Maduro

Rosneft has agreed to invest $14bn in the Venezuelan oil and gas sector, the country’s President Nicolas Maduros announced today after a meeting with the Russian oil giant’s  CEO Igor Sechin. The announcement comes just weeks after Rosneft confirmed that it was  looking to increase its share in its joint venture with Venezuela’s state-run PDVSA Petromonagas to 40% and should, according to Maduros, lead to a doubling of the country’s oil production in the coming years. Venezuela’s oil output has fallen in recent years, and analysts believe that it needs to ramp up production to boost GDP, especially in the context of today’s low hydrocarbon prices. 

Source: FT