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JVs between Russia, Venezuela beating oil production target by 16% this year — Deputy PM

According to Alexander Novak, in 2022, joint ventures between Russia and Venezuela produced 35 million barrels of oil

MOSCOW, October 16. /TASS/. Joint ventures between Russia and Venezuela in 2023 are beating oil production targets by 16% this year, Russian Deputy Prime Minister Alexander Novak told reporters.

"The Venezuelan side raises the question that their task is to increase production. Our enterprises are working, they are surpassing the forecast. We are talking about five joint ventures. Now beating the mark by 16%," he said.

According to Novak, in 2022, joint ventures between Russia and Venezuela produced 35 million barrels of oil.

The Deputy Prime Minister added that Russia sees potential for cooperation with Venezuela in the gas industry.

"But for the moment the old enterprise is being legally liquidated there. After that, it will be possible to discuss [cooperation for development of] some specific fields. The old issues that have accumulated are being resolved," he said.

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Alexander Novak

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