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2014-09-10 18:05:00

RUSSIA & VENEZUELA COOPERATION

RUSSIA & VENEZUELA COOPERATION

Among Latin American investment opportunities, Rosneft's has focused on Venezuela whose President Hugo Chavez (who died in March 2013) took the initiative in the late 1990s to have a strategic alliance with Russia. In 2000, on then President Putin's orders, Rosneft and other Russian companies looked more seriously into opportunities to invest in Venezuela's petroleum sector.

The first major opportunity was the Junin 6 block of ultra-heavy crude oil in the Orinoco Tar Belt. Rosneft thus leads the block's National Oil Consortium (NOC). The other NOC partners are LUKoil and GazpromNeft - (Rosneft in 2013 acquired TNK-BP's share in this). This is a multi-billion dollar integrated project which is to include an expensive upgrader to turn the bituminous oil into synthetic crude. Rosneft leads another grouping for Orinoco's Carabobo-II block, a $25bn venture which is to develop the bitumen into 480,000 b/d ultra-heavy crude requiring an upgrader to turn these into at least 200,000 b/d of synthetic crudes.

Both projects are JVs with the state-owned Petroleos de Venezuela (PDVSA). Rosneft has paid $1.2bn to PDVSA and giving it another $1bn as a loan in return for access to the Carabobo-II project. The payments are part of a $4bn loan Russia had offered to Venezuela for defence-related purchases from Moscow. The Carabobo-II block was won by Rosneft at the beginning of 2010 at an auction in which several IOCs participated.

pennenergy.com

Tags: RUSSIA, VENEZUELA, ROSNEFT, OIL, NOC, LUKOIL, GAZPROM, PDVSA

Chronicle:

RUSSIA & VENEZUELA COOPERATION
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

RUSSIA & VENEZUELA COOPERATION
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

RUSSIA & VENEZUELA COOPERATION
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

RUSSIA & VENEZUELA COOPERATION
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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