Venezuela, Russia to Create Orinoco Belt Energy Joint Venture

Venezuela and Russia will create a joint venture between Corporacion Venezolana de Petroleo SA and Russia’s Gazprombank Latin America Ventures BV to “strengthen energy operations” in the Orinoco Belt.

The National Assembly approved the agreement to form the company in its parliamentary session today, according to a statement posted on its website. Venezuela will have a 60 percent stake in the venture and its Russian partner will own 40 percent, it said.

The statement didn’t give further details.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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