Venezuela signs new oil cooperation agreements with Russia
Two memoranda of understanding were initialed. The first one aims at the development of offshore oil projects in the Gulf of Paria, whereas the second one involves development of offshore gas areas in Río Caribe and Mejillones
Rafael Ramírez, the president of Venezuela's state-run oil company Pdvsa, said new energy cooperation agreements have been entered into by Venezuelan and Russia.
After a meeting with Russian state-run company Rosneft, two memoranda of understanding were signed. The first one aims at the development of offshore oil projects in the Gulf of Paria (northeast Venezuela), whereas the second one intends to develop offshore gas areas in Río Caribe and Mejillones, northeast.
An additional instrument was initialed for the construction of joint ventures in the area of services. The agreement includes a drills supply agreement across the country.
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.