Exclusive: Venezuela’s cash-strapped PDVSA offers Rosneft oil stake

17 Mar 2017   Venezuela

Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country’s Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation’s dire economic situation and Moscow’s growing muscle there. Rosneft ( ROSN.MM ), Russia’s top oil producer, has been offered a 10 percent stake in the Petropiar joint venture. PDVSA [PDVSA.UL] has a 70 percent share, and U.S. oil company Chevron Corp ( CVX.N ) holds 30 percent of the venture, which includes an oil field and a 210,000 barrel-per-day oil upgrader. Two sources said the offer was part of a larger package put to Rosneft as PDVSA seeks to raise money for major debts with providers and bond payments. It is unclear […]

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