Rosneft increases stake in Petromonagas JV with PDVSA
The document reflects indicative terms and conditions in relation to the equity acquisition, the company said in its press release. Currently Rosneft owns 16,67% in this joint venture, after the transaction is completed Rosneft will increase its stake to 40% of JV and PDVSA participation will be reduced to 60%.
The document, signed in continuation of the Memorandum, concluded in June 2015 within the St. Petersburg International Economic Forum demonstrates the level of cooperation between the Companies, at Rosneft’s commitment to the development of leading upstream projects in Venezuela.
The parties of the Petromonagas JV, already being one of the most prolific partnerships in Venezuela (crude oil production in 2015 exceeded 7.7 mln t), plan to amplify its development by introducing state-of-the-art technologies and raising E&P management efficiency.