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Rosneft to double its share in Venezuelan oil deposit within 2-3 months — sources

April 20, 2015, 9:00 UTC+3 MOSCOW
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MOSCOW/CARACAS, April 20. /TASS/. Russian oil giant Rosneft plans to increase its share in a joint venture with Venezuela’s state company PDVSA, Petromonagas, to 40% from 16.67%, two sources close to the venture told TASS.

"The deal could be closed within 2-3 months," one of them said.

Petromonagas is developing an oil field at the Orinoco Belt, Venezuela, where the output reaches 140,000 barrels per day. The joint venture is owned by Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, (83.33% of shares) and Rosneft (16.67% of shares).

Rosneft has not commented on whether the deal will be closed soon. A representative of the company said the Russian oil giant has always said it was interested in increasing its share. "We are waiting for the reaction of our Venezuelan partners," he added.

CVP board member Ruben Figuera told TASS that on April 9-10 Rosneft participated in the meetings of the board of directors of its joint ventures in Venezuela.

"We discussed a plan of works for 2015, the budget, the drilling and all the processes in line with the contract. We have stepped up our cooperation," he told reporters while presenting the PDVSA strategy.

PDVSA CEO Eulogio Del Pino said Rosneft is one of the company’s key partners. "Rosneft is a very good and active partner of PDVSA. Igor Sechin [Rosneft CEO] is a big friend of Venezuela," he said.

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