OREANDA-NEWS. April 16, 2010. SOGAZ Insurance Group reinsured the risks of Gazprom’s affiliated companies operating in the Bolivarian Republic of Venezuela.

According to the contract, SOGAZ provided 100 percent reinsurance coverage of property risks of four Gazprom’s subsidiaries operating in Venezuela – URDANETAGAZPROM-1 S.A., and URDANETAGAZPROM-2 S.A., Gazprom Latin America B.V. and Gazprom Latin America Servicios, C.A. The reinsurance term is 1 year.

‘Reinsurance of risks of these companies is SOGAZ’s first project in Venezuela since the company received accreditation with the insurance supervision service of this country, says Vadim Yanov, Chairman of SOGAZ’s Management Board. – Having in mind the plans of major Russian companies to implement large-scale energy projects in South America, we intend to further expand our presence on the reinsurance markets of Venezuela, Bolivia, Brazil and other countries of the region’.

We have established firm business relations not only with foreign companies of Russian corporate clients in Venezuela, but also with Venezuelan state oil and gas company Petroleo de Venezuela S.A. (PDVSA). Particularly, SOGAZ provides reinsurance coverage for PDVSA’s risks across the globe’.

URDANETAGAZPROM-1 and URDANETAGAZPROM-2 are engaged in exploration and development of natural gas fields in the Gulf of Venezuela within the Rafael Urdaneta project (Urumaco-1 and Urumaco-2 blocks). Gazprom Latin America B.V. is working on geological modeling, estimation and calculation of Ayacucho-3 block reserves which belong to the Orinoco oil belt. GAZPROM LATIN AMERICA SERVICIOS, C.A. is an oilfield service company engaged in exploration and development of oil and gas fields. 

The state-owned oil company Petroleo de Venezuela S.A. (PDVSA) is one of the world’s largest companies holding strong positions in oil and gas reserves, production and sales volumes and processing facilities. 

PDVSA’s functions and its importance in the economic system of Venezuela and the role of OJSC Gazprom in the Russian economy are very much alike.