OVERCOMING SANCTIONS: Russia increases oil dealings in Venezuela

0 2,261

SAINT PETERSBURG – Russian company Rosneft increased petroleum extraction in Venezuela by 7% in 2018, company president Igor Sechin said.

“The extraction in the oil fields of the company in Venezuela last year grew by 7% despite the difficult situation,” Sechin said at the annual meeting of shareholders of the company that took place today in St. Petersburg.

He insisted that the increase in production occurred despite the fact that the US sanctions imposed on Venezuela affect the sector.

As for the plans for 2019, Sechin indicated that no significant reductions in extraction are expected in the joint projects with the Venezuelan company PDVSA.

The United States, in its struggle with Venezuela, blocked PDVSA assets for a total amount of $7 billion dollars on January 28 and prohibited its companies from doing business with the Venezuelan company.

Rosneft participates in Venezuela in the Petromonagas projects (with a 40% share), Petromiranda (32%), Petroperijá (40%), Boquerón (26.67%) and Petrovictoria (40%).

The Russian oil company also owns 100% of the gas exploration project for the Mejillones and Patao deposits, 100% of the oil services company Precision Drilling and 51% of the Perforosven company.

- Advertisement -

Back in March, the Russian Foreign Ministry questioned the US government’s threats to oil company Rosneft for collaborating with Venezuela.

“The threats made by the US secretary of state against the Rosneft corporation for their cooperation with Venezuela are absurd,” the agency said in a statement.

The Russian Foreign Ministry urged Washington to reconsider its sanctions policy and join joint efforts to solve the crisis in Venezuela.

The institution questioned the effectiveness of US unilateral sanctions against Rosneft, in force since 2014, and that the company, he said, continues to work successfully.

“But its former US partners have suffered colossal losses after Washington forced them to cease cooperation,” he said.

The Russian Foreign Ministry urged Washington to reconsider its sanctions policy and join joint efforts to solve the crisis in Venezuela.

“We call on the United States to reflect and instead of imposing prohibitions on foreign companies and banks, joint work, under the auspices of the UN, to contribute to stabilization in Venezuela,” the ministry said.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.

Get real time updates directly on you device, subscribe now.

Comments