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Title : Report: Russia And Venezuela Are In Discussions For Moscow To Seize Control Of Venezuela's Oil Industry
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Report: Russia And Venezuela Are In Discussions For Moscow To Seize Control Of Venezuela's Oil Industry

Inside the PDVSA (Petroleo de Venezuela SA) building in Caracas. © Valery Sharifulin/TASS

TASS: Venezuela ready to hand control of state oil company to Russia’s Rosneft — paper

The initiative was put forward with an aim to secure the writeoff of Venezuela’s debt to Russia in exchange

MOSCOW, October 17. /TASS/. The government of Venezuela is ready to hand over full control over its state-run oil company PDVSA (Petroleos de Venezuela) to Russia’s Rosneft, El Nacional newspaper said citing own sources in the industry.

According to the paper, the initiative was put forward with an aim to secure the writeoff of Venezuela’s debt to Russia in exchange.

El Nacional said the initiative received a largely positive feedback in Moscow. In that regard, several commissions have already been sent to Venezuela to estimate the current situation of PDVSA and the viability of the initiative.

Russian experts reportedly came to a conclusion that the company should undergo a serious layoff to restore its competitive performance, the paper said.

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Update: Russia Ready To Seize Control Of The World's Largest Oil Reserves (OilPrice.com)

WNU Editor: Russia wants their debts paid off, and they are calling in their marker. If this does go through, Russia's Rosneft will be (measured by reserves) the largest oil company in the world.

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