In an effort to handle its overdue debts, Venezuela is all
but giving away oil assets. President Nicolás Maduro is reportedly so desperate
to pay the US $3.7 billion in debts that he is selling off the assets to
Russia. They offered to sell Russia a share of PetroPiar, which is 30-percent
owned by Chevron and which PDVSA has a 70-percent stake in. It also
expropriated ConocoPhillips’ 40-percent shareholdings, which has not been paid
yet. Likewise, PDVSA offered Rosneft 10 percent of a project developed to
extract the extra-heavy oil from the Orinoco Oil Belt. More…
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