Russia's major oil company Rosneft has
signed an agreement with Venezuela's PDVSA for an additional investment of $500
million in the development of the Orinoco oil belt project, according to VTV. "In
accordance with the law on the nationalization of the oil industry the oil
companies in Venezuela will receive $500 million [invested by Rosneft – RBTH].
Due to the global crisis and the economic war, we have to make investments in
the future," said Venezuelan President Nicolas Maduro. Earlier Maduro said
that the fall in world oil prices has been a heavy blow to the country's
economy. According to him, over the past six years, foreign exchange earnings
from oil sales have decreased by 4,200 percent in Venezuela. More… 
Friday, February 26, 2016
Rosneft to invest $500 million in Venezuela's oil industry
Russia's major oil company Rosneft has
signed an agreement with Venezuela's PDVSA for an additional investment of $500
million in the development of the Orinoco oil belt project, according to VTV. "In
accordance with the law on the nationalization of the oil industry the oil
companies in Venezuela will receive $500 million [invested by Rosneft – RBTH].
Due to the global crisis and the economic war, we have to make investments in
the future," said Venezuelan President Nicolas Maduro. Earlier Maduro said
that the fall in world oil prices has been a heavy blow to the country's
economy. According to him, over the past six years, foreign exchange earnings
from oil sales have decreased by 4,200 percent in Venezuela. More… 
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