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.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.