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A working meeting took place between Igor Sechin and Eulogio Del Pino

02 February 2016

Rosneft Chaiman of the Management Board Igor Sechin held a working meeting with the Minister of Petroleum and Mining of the Bolivarian Republic of Venezuela, President of PDVSA, Eulogio Del Pino.

The parties were pleased to emphasize the quality of implementation of joint upstream projects. Efficient joint efforts in the assets’ management enabled to reach remarkable increase of hydrocarbon production volumes both at brownfields and greenfields. Well-elaborated investment strategy provides favorable financial outcome from joint projects despite the challenging macroeconomic environment.

Rosneft and PDVSA discussed the status of implementation of the Memorandum, signed within SPIEF-2015, envisaging the cooperation at perspective fields of the Venezuelan shelf.

The parties also paid attention to the partnership in the petrochemical industry, which will enable increasing economic efficiency of joint ventures.

Eulogio del Pino expressed his gratitude to Igor Sechin for Rosneft’s active implementation of social programs in Venezuela as well as investments in construction of cultural sites and sports infrastructure. In particular, a sports hall for the combat sports is currently being constructed in the city of Sabaneta. The Chief of PDVSA also emphasized the importance of educational programs for Venezuelan specialists implemented by Rosneft together with Russian State University of Oil and Gas.

Within the meeting Igor Sechin and Eulogio Del Pino discussed possible cooperation with the ambit of normalization of the situation in the world oil market.

Note for editors:

Currently Rosneft and PDVSA cooperate in implementation of 5 joint upstream projects 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%, NOC - 40%

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

Information Division,
February 2, 2016

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.