For Quick Alerts
For Daily Alerts

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.

Read more about:
Story first published: Friday, May 24, 2013, 13:30 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more