Russian companies ready to develop oil production, refining in Venezuela via joint ventures - PDVSA head

CARACAS. Dec 15 (Interfax) - Russian companies are ready to develop oil production and refining in Venezuela via joint ventures, PDVSA CEO Asdrubal Chavez said following a meeting of the Russian-Venezuelan Intergovernmental Commission.

Chavez noted the importance of cooperation in all areas of the hydrocarbon value chain. "We have agreed to set up a respective working group in order to develop five joint ventures between Russia and Venezuela. So, I would like to thank Russia for the presence of these five new companies, which have expressed readiness to support us in the further resumption of oil production and processing," he said.

"Public companies are interested in the entire range of oil production and refining operations," the PDVSA CEO said.