Rosneft has completely ceased operations in Venezuela - CEO
MOSCOW. May 15 (Interfax) - Rosneft has completely ceased operations in Venezuela, the Russian oil company's CEO Igor Sechin said.
"In second quarter of 2020, the company closed a previously announced transaction to transfer to a company that is 100% owned by the Government of the Russian Federation all assets in Venezuela, including participation shares in projects of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, as well as oil-field service companies and trading operations. Company's operations in Venezuela have been completely discontinued," Sechin was quoted as saying in a press release.
As a result of the transaction, a wholly-owned subsidiary of Rosneft Group became the owner of 9.6% of the company's registered ordinary shares, the oil company's CEO said.
The company said that the deal was closed on April 30, 2020.
Rosneft implemented five upstream projects together with Venezuela's PDVSA: Petromonagas S.A., in which Rosneft has a 40% share; Petroperija S.A., 40%; Boqueron S.A., 26.67%; Petromiranda S.A., 32%; and PetroVictoria S.A., 40%. Rosneft increased oil production in Venezuela in 2018 by 7% to 8.63 million tonnes, of which the company's share is 2.7 million tonnes. Moreover, Rosneft was the operator of two Venezuelan offshore gas fields, Patao and Mejillones.