Rosneft President Igor Sechin and PDVSA Ingeniería y Construcción S.A. President Fadi Kabboul signed an Engineering & Construction JV Establishment and Management Agreement.
The document was signed in Caracas during the visit of Igor Sechin to Venezuela. Pursuant to the document, Rosneft and PDVSA will set up a joint venture that will provide engineering and construction services to put in place petroleum and other infrastructure facilities, primarily required for the operations of other joint ventures between Rosneft and PDVSA. This JV will enable expedited development of infrastructure for, and significantly enhance the efficiency of managing, Rosneft's Venezuelan assets.
Rosneft and PDVSA at present engage in 5 joint oil production projects in Venezuela:
- Carabobo-2,4 project (Petrovictoria JV) – CVP (a PDVSA subsidiary) (60%), Rosneft (40%).
- Junin-6 project (PetroMiranda JV). CVP (a PDVSA subsidiary) – 60%, LLC NOC - 40%.
- PetroMonagas JV. CVP (a PDVSA subsidiary) – 83.3%, Rosneft – 16.7%.
- Boqueron JV CVP (a PDVSA subsidiary) (60%), Rosneft (26.67%), OMV (13.33%).
- Petroperija JV CVP (a PDVSA subsidiary) – 60%, Rosneft – 40%. Total oil-in-place reserves of these projects are estimated at over 20.5 billion tons.
About Rosneft
Rosneft is a Russian oil industry leader and the largest public oil and gas company in the world. Rosneft’s main operations are exploring for and producing oil and gas and producing and selling petroleum products and petrochemicals.
Rosneft is the world’s largest company by proved liquid hydrocarbon reserves as well as the undisputed leader by hydrocarbon resources among publicly traded oil and gas companies.
About Petróleos de Venezuela S.A. PDVSA
Petróleos de Venezuela S.A., the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport and commerce of hydrocarbons. This company is deeply committed to environmental protection and its main objectives are to foster the harmonic development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.