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Title : Russia’s Oil Giant Rosneft Has Discontinued All Venezuelan Operations
link : Russia’s Oil Giant Rosneft Has Discontinued All Venezuelan Operations

Russia’s Oil Giant Rosneft Has Discontinued All Venezuelan Operations

© Yuri Smityuk/TASS

TASS: Rosneft withdraws from all projects in Venezuela, discontinues operations in country

The decision was taken in view of the US sanctions, according to previous information.

MOSCOW, May 15. /TASS/. Rosneft has completely discontinued its operations in Venezuela and withdrawn from all projects in the country, including exploration and production entities, as well as oilfield services companies, according to Chief Executive Officer of Russia’s oil major Igor Sechin.

"In second quarter of 2020, the Company closed a previously announced transaction to transfer to a company that is 100 % owned by the Government of the Russian Federation all assets in Venezuela, including participation shares in projects of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, as well as oil-field service companies and trading operations. Company’s operations in Venezuela have been completely discontinued," Sechin was quoted as saying.

The agreement on the company’s withdrawal from Venezuelan projects was closed in April, according to the report.

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Update: Russia’s Oil Giant Rosneft Quits All Venezuelan Operations (OilPrice.com)

WNU Editor: Russia's oil and natural gas giant Rosneft is not really leaving Venezuela. It transfer its ownership to a Kremlin backed security firm that I am willing to bet will transfer it back to Rosneft when the situation in Venezuela stabilizes at some distant point in the future .... Russian security firm takes control of Rosneft's Venezuela assets (Reuters).

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