Russia’s Rosneft agreed to pay $500
million to Petroleos de Venezuela to increase its stake in their Petromonagas
crude-processing joint venture. The deal will increase Rosneft’s ownership to
40 per cent in the project, which converts heavy oil into synthetic crude, the
company said Saturday in an e-mailed statement. Rosneft previously held 16.7
per cent, while PDVSA, as the Venezuelan state-owned company is known, had the
remaining 83.3 per cent in the joint venture. "The $500 million in new
investment for production in the Venezuelan oil industry comes amid a
crisis," President Nicolas Maduro said on Friday during a televised
ceremony where officials from Rosneft and PDVSA signed the deal in Monagas
state. More… 
Monday, February 22, 2016
Rosneft to raise stake in Venezuelan firm to 40%
Russia’s Rosneft agreed to pay $500
million to Petroleos de Venezuela to increase its stake in their Petromonagas
crude-processing joint venture. The deal will increase Rosneft’s ownership to
40 per cent in the project, which converts heavy oil into synthetic crude, the
company said Saturday in an e-mailed statement. Rosneft previously held 16.7
per cent, while PDVSA, as the Venezuelan state-owned company is known, had the
remaining 83.3 per cent in the joint venture. "The $500 million in new
investment for production in the Venezuelan oil industry comes amid a
crisis," President Nicolas Maduro said on Friday during a televised
ceremony where officials from Rosneft and PDVSA signed the deal in Monagas
state. More… 
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