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PdVSA, Rosneft to create JV PetroVictoria

By Religare
|

PdVSA, Venezuela's state oil and gas company and Rosneft have signed documents to form a joint venture, PetroVictoria, with a view to exploit one of the bloc of Orinoco Oil Belt, in the South American country.

Speaking to the reporters, Venezuela's oil minister, Rafael Ramirez said that Petrovictoria is expected to produce 120,000 barrels a day by 2016, and hopes to to eventually reach 400,000 barrels.

Russia will control 40 per cent of the joint venture, and plans to provide a USD 1.5 billion loan, and a separate USD 1.1 billion bond, to Venezuela for it.

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Story first published: Friday, May 24, 2013, 13:30 [IST]
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