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Rosneft and PDVSA Signed a Logn-Term Contract for Supplies of Oil and Oil Products

24 May 2014
Photo: the Presidential Press and Information Office

Within the Petersburg International Economic Forum Rosneft Group and PDVSA signed a long-term contract for oil and oil products supplies by the venezuelan company on a pre-paid basis. The document was signed by Rosneft President, Chairman of the Managing Board of Rosneft Igor Sechin and the People’s Minister for Energy & Petroleum, PDVSA President Rafael Ramirez.

The signature ceremony was led by the President of the Russian Federation Vladimir Putin.

The document envisages the supplies of over 1.6 mln t of oil and 7.5 mln t of oil products within 5 years. The pre-payment within the contract will be 2 bln USD.

Photo: the Presidential Press and Information Office

It is worth noting that it is the first time such a big deal for oil and oil products supplies between a Russian and a Venezuelan company is forged. That opens wide perspectives for the cooperation of Rosneft and PDVSA in the trading sphere.

Commenting on the signing Igor Sechin said: “The realization of the contract will allow Rosneft to substantially increase the geography and strengthen its positions as global leader on the oil and oil products market. This agreement represent a new phase of partnership between Rosneft and PDVSA. Following the partnership in the upstream sphere our companies start to cooperate in the sphere of trading. I am sure we will be able to achieve great results in every Rosneft-PDVSA joint project”.

Currently Rosneft and PDVSA cooperate in the realization of 5 JV in the upstream sphere in Venezuela:
  • Project Carabobo-2,4 (JV Petrovictoria). CVP (PDVSA subsidiary) - 60%, Rosneft - 40%
  • JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, Rosneft - 16.7%
  • Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%
  • JV Boqueron. CVP (PDVSA subsidiary) - 60%, Rosneft - 40%
  • JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%
Total geological oil reserves of these projects are estimated more than 20.5 bln t.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
May 24, 2014

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.