MOSCOW: Venezuelan President Nicolas Maduro said on Wednesday that he had reached an agreement with Russia’s top oil producer Rosneft to invest $14bn (£9.2) in Venezuela’s oil and gas sector.
Speaking after a meeting with Rosneft chief executive Igor Sechin, Mr Maduro said the money would allow Venezuela to double its oil production. But he gave few details of the deal.
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Venezuela is one of the biggest oil exporters worldwide and claims to have the world’s largest crude reserves.
Rosneft said that the $14bn constituted its total investment in current and future projects in Venezuela.
In comments emailed to Reuters news agency, Rosneft said it had already invested $1.8bn in Venezuela from 2010 to 2014.
Venezuela, which is heavily dependent on oil money, has been hit hard by falling oil prices.
It is estimated that 96% of its export revenues come from oil.
Fresh investment in Venezuela’s oil sector, which it is seeking to expand, would therefore be a boost to the president.
Venezuelan state oil company PDVSA wrote on Twitter (in Spanish) that it had agreed with Rosneft to “create companies together” to boost production of crude oil.
