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Rosneft, Venezuela's PDVSA to sign joint venture documents

May 23, 2013, 4:05 UTC+3

The recoverable reserves of Caraboba 2 are estimated at 700 million tons

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CARACAS, May 23 (Itar-Tass) - Russia's Rosneft and Venezuela's PDVSA on Thursday will sign founding documents to set up PetroVictoria, a joint venture to develop the Carabobo 2 field, Rosneft director Igor Sechin told reporters after talks with Venezuelan Foreign Minister Elias Jaua.

The document, approved by Venezuela's National Assembly /parliament/ will be signed at a plant at Jose, in the presence of President Nicolas Maduro. The recoverable reserves of Caraboba 2 are estimated at 700 million tons. Rosneft has a 40-percent stake in the project. According to Sechin, Rosneft is implementing seven projects in Venezuela and plans to expand its presence by taking up new projects, including in the offshore zone.

Russia intends to develop cooperation with Venezuela in the oil and gas sector in other areas, and supply drilling equipment.

Sechin said he had brought Russian President Vladimir Putin's message to Venezuelan leader Nicolas Maduro. In the course of the negotiations on Thursday, the Russian delegation will discuss and specify economic projects ahead of the meeting between the presidents of the two countries.

The Venezuelan diplomat said Venezuelan and Russian officials discussed military cooperation during the meeting on Wednesday. The parties compared notes on supplies of Russian military equipment, Jaua added. Also, they considered bilateral cooperation in banking.


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