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Igor Sechin Held Talks With Rafael Ramirez

17 November 2014

November 17, Rosneft Head Igor Sechin held negotiations with the Vice-president for political issues, Minister of Foreign Affairs of Venezuela Rafael Ramirez in Moscow.

During the meeting 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 in November 2014. 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 Igor 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 JV, a construction and engineering JV, cooperate in offshore projects, and organize training of Venezuelans in Rosneft's partner higher education institutions.

Notes for Editors:

At present, Rosneft and PDVSA are jointly implementing 5 oil production projects in Venezuela:

Carabobo-2,4 Project (JV Petrovictoria), CVP (a PDVSA's subsidiary) - 60% interest, Rosneft - 40%.

Junin-6 Project (JV Petromiranda), CVP (a PDVSA subsidiary) - 60%, NOC - 40%.

JV Petromonagas, CVP (a PDVSA subsidiary) - 83.3%, Rosneft - 16.7%.

JV Boqueron, CVP (a PDVSA subsidiary) - 60%, Rosneft - 26.67%, OMV - 13.33%.

JV Petroperija, with CVP (a PDVSA subsidiary) - 60% -, Rosneft - 40%.

The total geological reserves of those projects are estimated at over 20.5 billion tons.

At present, the joint Rosneft and PDVSA projects produce 160 thousand barrels of oil per day. Over the period of 2010-2014, the total investment in the joint projects in Venezuela amounted to almost $3.5 billion.

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