Russia targets Venezuelan oil

Venezuela could be Russia’s next big oil focus after Rosneft signed a “tentative” agreement with the South American state-owned oil firm PDVSA. The Russian power firm said yesterday together they […]

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By Vicky Ellis

Venezuela could be Russia’s next big oil focus after Rosneft signed a “tentative” agreement with the South American state-owned oil firm PDVSA.

The Russian power firm said yesterday together they hope to develop exploration blocks in the Orinoco oil belt which are estimated to hold 40 billion barrels.

Rosneft said it is set to pay an “entry bonus” in two phases, an initial $440million followed by another $660 million once the Government and the National Assembly of Venezuela approve the plans.