Venezuela and Russia's top oil producer, Rosneft, have
agreed on around $14 billion in investment in the South American OPEC country's
oil and gas sector, President Nicolas Maduro said on Wednesday evening. Maduro
said he met with the chief executive of state-owned Rosneft, Igor Sechin,
earlier on Wednesday, in the company of PDVSA [PDVSA.UL] President Eulogio del
Pino and National Assembly boss and Socialist Party No. 2 Diosdado Cabello. "We
had a great meeting and agreed on investment of over $14 billion," said
Maduro during a televised broadcast, adding the funds would go toward doubling
Venezuela's oil production. PDVSA has formal ambitious targets to double
national production to 6 million barrels a day by 2019, with 4 million of that
projected to come from the Orinoco Belt, but few industry experts or foreign
investors expect those goals to be met. More…
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