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Rosneft withdraws from all projects in Venezuela, discontinues operations in country

The decision was taken in view of the US sanctions, according to previous information

© Yuri Smityuk/TASS

MOSCOW, May 15. /TASS/. Rosneft has completely discontinued its operations in Venezuela and withdrawn from all projects in the country, including exploration and production entities, as well as oilfield services companies, according to Chief Executive Officer of Russia’s oil major Igor Sechin.

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Russia’s government acquires Rosneft assets in Venezuela — press office

"In second quarter of 2020, the Company closed a previously announced transaction to transfer to a company that is 100 % owned by the Government of the Russian Federation all assets in Venezuela, including participation shares in projects of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, as well as oil-field service companies and trading operations. Company’s operations in Venezuela have been completely discontinued," Sechin was quoted as saying.

The agreement on the company’s withdrawal from Venezuelan projects was closed in April, according to the report.

Read also

PDVSA says operations of Rosneft Trading in Venezuela are legal

Rosneft announced plans to discontinue operations in Venezuela at the end of March. A company owned by the Russian Federation will be the owner of Rosneft’s assets in Venezuela, a source in the government told TASS earlier.

As a result of the transaction, a 100% subsidiary of Rosneft Group became the owner of 9.6% of the registered ordinary shares of Rosneft.

The state-owned Rosneftegaz (50% plus 1 share), Britain’s BP (19.75%) and Qatar’s QH Oil Investments (18.93%) are Rosneft’s largest shareholders.

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