Russia pays USD 1 billion for oil participation in Venezuela

Pdvsa is to send the National Assembly a document establishing the mixed company in the Orinoco Oil Belt

"They (the Russian consortium) have paid a USD 1 billion bonus for their participation" in the mixed company, said Ramírez (File Photo)

Economy
A consortium of Russian oil companies has paid Venezuela a USD 1 billion bonus for the right to develop the Junín block of heavy crude reserves at the Orinoco Oil Belt, said on Sunday Rafael Ramírez, Minister of Energy and Petroleum.

The state-run oil company Petróleos de Venezuela (Pdvsa) and the consortium, that includes the Russian oil companies Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz established a joint venture in which Pdvsa will hold a majority stake of 60 percent. The agreement will last 25 years. However, the holding company had not reported on the bonus payment.

"They (the Russian consortium) have paid a USD 1 billion bonus for their participation (in the mixed company). The bonus will give them access to the joint development of reserves," Ramírez said in the weekly show Aló Presidente.

Pdvsa will submit to the National Assembly (AN) the document establishing the mixed company. The legislative body will authorize the approval, as required by law.

Deisy Buitrago
EL UNIVERSAL

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