OREANDA-NEWS. November 20, 2014. Rosneft Group and PDVSA signed a long-term contract for supplies of oil and oil products of Venezuelan production.

The document envisages the supplies of over 1.6 mln t of oil and 9 mln t of oil products to the Rosneft Group within 5 years.

Commenting on the signing Rosneft Head Igor Sechin said: “I would like to emphasize the growing volume of cooperation between Russia and Venezuela in the oil sector. I thank the Vice-president and Minister of Foreign Affairs of Venezuela Rafael Ramirez and the new Head of PDVSA Eulogio del Pino for their support in the implementation of new projects”

Notes for editors:
The first long-term export contract was signed within the Petersburg International Economic Forum in May 2014. Currently within the first contract the Venezuelan party supplied about 375 thousands t of oil products.

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%

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

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

JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft - 40%

JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%

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