PDVSA to Supply Rosneft With Crude, Oil Products in 5-Year Deal
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State-owned Petroleos de Venezuela SA will supply OAO Rosneft, Russia’s state-run company, with $2 billion in crude and oil products, Rosneft said today.
Rosneft will make a “pre-payment” of $2 billion to PDVSA in exchange for more than 1.6 million tons of oil and 7.5 million tons of oil products during a five-year period, Rosneft said in a statement posted on its website. On March 7, Venezuela signed a memorandum of understanding with Rosneft for $2 billion in financing for oil projects in Venezuela.