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Russian-Venezuelan joint ventures produce 9 mln tonnes of oil in 2016

February 15, 18:30 UTC+3 MOSCOW

In 2016, the joint venture produced 305,000 barrels per day, accounting for 7% of Venezuela’s total oil production in 2016

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MOSCOW, February 15. /TASS/. Russian-Venezuelan joint ventures produced 9 mln tonnes of oil accounting for 7% of Venezuela’s total oil production in 2016, Russia’s ambassador to Venezuela Vladimir Zaemsky said in an interview with TASS.

"As for Russian-Venezuelan cooperation in energy sector, Rosneft and Gazprombank are involved in joint oil production projects with the Venezuelan state-owned oil and natural gas company (PDVSA). In 2016, the joint venture with the participation of Russian companies produced 305,000 barrels per day, which resulted in annual production of 9 million tonnes (7% of Venezuela’s total oil production)," he said.

Zaemsky stressed that in difficult economic conditions Venezuela is facing now, Moscow and Caracas "continue to deepen bilateral trade and economic cooperation, diversify and expand areas of activity." He added that Caracas is taking steps to improve the economic situation in the country. The ambassador added that several more important bilateral projects are now being considered but he did not specify them.

"As for the statistics various experts often refer to, many of these "forecasts" arouse serious questions. It is important to remember that there are certain forces which are interested in defamation of the current Venezuelan government and its sovereign course for the sake of their own narrow political interests," the ambassador said.

In 2016, Rosneft acquired 23.3% in Petromonagas, the Russian company’s joint venture with PDVSA, increasing its share to 40%.

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