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Russia sets up Roszarubezhneft oil company with charter capital of $4.066 billion

The company was registered in Moscow on March 28, 2020 when Russia’s oil major Rosneft announced its plans to stop its operation and sell its assets in Venezuela

MOSCOW, March 30. /TASS/. Russia has set up a new oil company, Roszarubezhneft, which will specialize in the production and transportation of oil and oil-associated gas, as follows from the Spark database.

The company, owned by the Federal Agency for Government Property Management, will have an authorized capital of 322.7 billion rubles (4.066 billion US dollars). Its Director General is Nikolai Rybchuk.

The company was registered in Moscow on March 28, 2020 when Russia’s oil major Rosneft announced its plans to stop its operation and sell its assets in Venezuela.

It was reported that Rosneft has signed an agreement with the newly established government-run company on selling its shares and cessation of its participation in all projects in Venezuela, including its stock in Petromonagas, Petroperija, Boqueron, Petromiranda, and Petrovictoria.

Under the agreement, Rosneft will be granted a package of its shares (9.6%) estimated under Friday’s prices at a sum exceeding 300 billion rubles (3.78 billion US dollars).

Rosneft was unavailable for comment.