MOSCOW: Venezuelan President Nicolas Maduro said on Friday as quoted by VTV (Venezolana de Televisión) that the “necessary investment for the future” comes amid a “global crisis” and “economic war.”
A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016
Maduro was speaking at the signing ceremony in Caracas attended by Rosneft and PDVSA officials.
The investment will increase Rosneft’s stake in the Petromonagas crude-processing venture, located in Venezuela’s Orinoco belt. Rosneft previously held 16.7 percent of the joint venture.
This May. 3, 2009 file photo shows an oil facility in Jubeil, about 600 km from Riyadh, Saudi Arabia
In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years.
Up to 96 percent of Venezuela’s budget depends on oil revenues.
