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Russian oil major Rosneft to buy 1.6 million tons of oil from Venezuela’s PDVSA

November 17, 2014, 14:23 UTC+3 MOSCOW
Rosneft’s purchase of oil and petroleum products from PDVSA is stipulated in a long-term contract between the two companies
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© ITAR-TASS/Aleksei Nikolskiy

MOSCOW, November 17. /TASS/. Russian oil major Rosneft will purchase 1.6 million tons of oil and 9 million tons of petroleum products from Venezuela’s PDVSA over five years, Rosneft said on Monday.

Rosneft’s purchase of oil and petroleum products from PDVSA is stipulated in a long-term contract between the two companies.

After talks with the PDVSA management and Venezuelan Foreign Minister Rafael Ramirez, Rosneft CEO Igor Sechin noted “the increasing volume of cooperation in the oil sphere between Russia and Venezuela.”

Rosneft and PDVSA signed their first long-term export contract at the St. Petersburg international economic forum in May 2014.

Under the first contract, Venezuela has already delivered about 375,000 tons of petroleum products to Rosneft.

Rosneft and PDVSA are currently participating in five joint oil extraction projects in Venezuela.

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