Novak meets with Venezuelan oil minister to discuss prospects of two nations' partnership in oil refining and petrochemicals

MOSCOW. July 17 (Interfax) - Russia is interested in partnership with Venezuela in oil production, oil refining and petrochemicals, as well as in the electric power industry, the Russian government said in a statement following a meeting between Deputy Prime Minister Alexander Novak and Venezuelan Oil Minister Pedro Tellechea.

The parties also discussed interaction between the two countries within OPEC+ and the Forum of Gas Exporting Countries (GECF). Another topic of the talks was the development of oil production projects in Venezuela with the participation of Russian oil companies.

"A strong basis of our trade and economic cooperation comes by way of production projects in the oil and gas sector, which continue to demonstrate stability despite sanctions pressure on Russia and Venezuela. It is demonstrative that the plan of joint ventures in hydrocarbon production for 2022 has been overfulfilled by 18%," Novak was cited as saying in the statement.

During the talks, it was noted that in January-May 2023 Russian-Venezuelan trade turnover increased by 47% compared to the same period of 2022, including due to a doubling of exports of fertilizers and soybean oil from Russia. The countries are demonstrating interest in mutual supplies of agricultural products, and resumption of Russian wheat exports to Venezuela on new commercial terms is being discussed, the statement said.