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Rosneft Igor Sechin held a working visit to Venezuela

29 July 2016

Rosneft CEO Igor Sechin met Venezuela state leaders, core ministers and head of the Venezuelan state oil and gas company PDVSA during his business trip to Venezuela. National Oil Consortium and Inter RAO top managers also participated in the negotiations.

Major issues of current cooperation among Russian and Venezuelan companies, expansion of strategic partnership for new upstream projects and construction of power generating capacities were discussed at the meetings.

During the negotiations Igor Sechin noted that the crisis in the global energy industry provides a unique opportunity to expand Rosneft and PDVSA cooperation, which may have a substantial effect on the global oil markets balancing. Eulogio del Pino, head of PDVSA, supported the offer of Igor Sechin and stated that lack of the competent regulating mechanisms in the modern oil industry is a substantial negative factor for the global economy. According to Del Pino such large hydrocarbons producers as Rosneft and PDVSA should work together to secure the interests of the whole industry. 

Rosneft and PDVSA, signed several documents in Caracas in the presence of Venezuelan President Nicolas Maduro aimed at strategic cooperation expansion in the key operations segments. Igor Sechin and Nicolas Maduro noted the importance of transition to the practical stage of implementing the Venezuela offshore gas production project and achieving new agreements in oil and oil products trading and joint companies` initiatives to monetize oil and gas production by-products.

During the working meeting with Nicolas Maduro held on the 62-nd anniversary of the former Venezuelan President Hugo Chavez birthday Igor Sechin appreciated the services of the country ex-leader in developing the Russian-Venezuelan relations. Head of Rosneft, who also met Chavez family, noted the importance of preserving his heritage. A statuary group was established in Sabaneta, home town of former President, ordered by the Russian company to memorialize Hugo Chavez. Nicolas Maduro thanked Igor Sechin stressing that due to Hugo Chavez endeavors to establish friendly relations between the two countries, Moscow-Caracas partnership keeps actively developing today, despite the turbulence in the world economy.

Apart from that, Rosneft and PDVSA cooperation perspectives for greenfields operation (JV Petromiranda and JV Petrovictoria), oilfield services and PDVSA potential participation in Rosneft international projects were discussed during the negotiations.  

Notes for editors:

Jointly with PDVSA the Company is successfully implementing five upstream projects in Venezuela, among them three projects at the production stage:

  • Petromonagas (Rosneft share - 40%);
  • Petroperija (Rosneft share - 40%);
  • Boqueron (Rosneft share - 26.67 %);

one project at the pilot development stage - Petromiranda (Rosneft share - 32%) and one project at the exploration stage - Petrovictoria (Rosneft share - 40%).

Original oil in place for these projects is estimated at over 20.5 billion tons.

Rosneft and PDVSA are actively cooperating in oil products delivery. The first long term export contract between Rosneft and PDVSA was signed at the St-Petersburg International Economic Forum in May 2014. The second oil and product delivery contract was signed in November 2014. In June 2015 the companies signed Heads of terms for Russian Urals supply to Venezuela.


Rosneft Information Division

Tel: + 7 (499) 517-88-97
29 July 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 obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.