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Rosneft and PDVSA consider constructing power generation facilities in Venezuela

Rosneft and PDVSA are going to develop feasibility study for development of Venezuelan shelf, research is scheduled to be completed by mid-2017

© Vitaliy Belousov/TASS

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Rosneft, Venezuela discuss coordination of efforts to normalize situation on oil market

CARACAS, July 29. /TASS/. Rosneft and Venezuela's PDVSA are considering construction of power generation facilities in Venezuela, Rosneft said on Friday.

"Rosneft and PDVSA with the involvement of Inter RAO - Export discussed possible cooperation options in development of Venezuela's electricity. The companies discuss possibility of constructing power generating facilities running on petroleum coke, gas, coal, and hydro potential. This will replace the existing power plants running on diesel fuel and direct the released volume of oil products to the market," the statement said.

Rosneft and PDVSA are going to develop feasibility study for development of Venezuelan shelf, research is scheduled to be completed by mid-2017. The corresponding document was signed in the framework of Rosneft CEO Igor Sechin working visit to Venezuela, the company said on Friday.

The results of the study will be send to the relevant Venezuelan Ministry of People's Power for Petroleum and Mining to determine potential tax benefits and conditions of commercialization of the project resources, according to a press release.

At the end of the signing ceremony Sechin said that the development of cooperation in the gas sector is an important new element of the partnership between Rosneft and PDVSA. "A significant resource potential of shelf fields and a favorable geographical position allows companies to effectively monetize hydrocarbons through LNG deliveries to premium Asia-Pacific markets, among others. These markets are currently considered as priority areas for marketing products," he said.

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