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Igor Sechin Met With PDVSA Vice President of Exploration and Production

17 June 2014

17 June Rosneft President, Chairman of the Management Board Igor Sechin held a working meeting with Eulogio Del Pino, PDVSA Vice President of Exploration and Production.

The parties pointed meaningful results of joint projects of the two companies at the meeting. Daily production of the joint venture in the territory of Republic of Venezuela is currently 160 thousand barrels.

The parties also discussed the signed contract for the delivery of Rosneft oil and oil products to PDVSA with downpayment of 2 billion dollars. Igor Sechin and Eulogio Del Pino expressed confidence that organization of constant deliveries will strengthen mutually beneficial cooperation between the companies. Topical issues of the joint venture management were also discussed at the meeting, as well as a set of financial matters, and cooperation of the companies in social sphere.

Notes for Editors:

Currently Rosneft and PDVSA cooperate in the realization of 5 JV in the upstream sphere in Venezuela:

  • Project Carabobo–2,4 (JV Petrovictoria). CVP (PDVSA subsidiary) - 60%, Rosneft - 40%
  • Project Junin–6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%
  • JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, Rosneft - 16.7%
  • JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft - 26.67%, OMV - 13.33%
  • JV Petroperija. CVP (PDVSA subsidiary) - 60%, Rosneft - 40%

Total geological oil reserves of these projects are estimated more than 20.5 bln t.

Rosneft Information Division
Tel.: + 7 (499) 517–88–97
June 17, 2014