Venezuela’s Partnership with Russia and China Will Fortify the Oil and Gas Investments in the Country
Venezuela has been one of the most active countries in the past year in terms of partnering with other state-owned oil companies. Petroleos de Venezuela SA (PDVSA), Venezuela’s state owned Oil and Gas Company and Russia’s National Oil Consortium have signed a memorandum of understanding on cooperation for the exploration of oil reserves in the Orinoco belt. The Russian National Oil Consortium includes five equal stakeholders which includes TNK-BP, Rosneft, Lukoil, Gazprom Neft and Surgutneftegaz with each holding a 20% stake in the consortium. Closely following this agreement, Venezuela signed an agreement with China for developing its resources in the Orinoco belt. China is expected to invest close to $ 16 billion in Venezuela over a period of 3 years. The huge investments from major Russian oil and gas companies and the cash-rich Chinese will surely boost the petroleum output of Venezuela. Consequently, these investments will lead to increased revenues for the ailing Venezuelan economy as the world economy recovers and oil and gas demand increases, thereby giving the Venezuelan economy the much needed growth stimulus.
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- Insightful analysis of this recent collaboration between Venezuela, Russia and China
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