HYDROCARBONS

Russian TNK-BP sells Rosneft its stake in Petromonagas

Pdvsa President Rafael Ramírez specified that TNK-BP assigned its 16.7% share in upgrader Petromonagas to Rosneft. The remaining 83.7% will be held by Pdvsa

Pdvsa holds 83.7% of the shareholding in upgrader Petromonagas (File photo)

EL UNIVERSAL

Monday January 28, 2013 04:13 PM

Oil company TNK-BP, the third largest oil driller in Russia, has sold its interest in the Venezuelan joint venture Petromonagas to Russian state-oil holding Rosneft, Venezuelan Minister of Petroleum and Mining and President of state-owned oil company Petróleos de Venezuela (Pdvsa), Rafael Ramírez, disclosed on Monday.

Pdvsa President Rafael Ramírez specified that TNK-BP assigned its 16.7% share in upgrader Petromonagas to Rosneft. The remaining 83.7% will be retained by Pdvsa, Reuters cited.

Ramírez said that an investment plan with Rosneft for USD 37.71 billion up to 2012 is expected to be made formal on Tuesday.

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José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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