Rosneft increases its stake in JV Petromonagas in Venezuela

​Rosneft and PDVSA have signed the main conditions of the purchase of a 23.33% stake in the registered capital of the JV Petromonagas that extracts extra-heavy oil in Venezuela.

The document contains the conditions in respect of the purchase of a stake. Currently Rosneft holds 16.67% in the JV, after the completion of the deal it will increase it to 40%, the stake of PDVSA will fall to 60%.

The document was signed as an addition to the memorandum signed in June 2015 in the framework of the Saint-Petersburg Economic Forum. The participants of the JV Petromonagas (currently one of the most effective partnerships in Venezuela, oil extraction in 2015 exceeded 7.7 mln tons) plan to improve its development by means of attraction of modern technologies and increase of efficiency of asset management.