Deals
Rosneft to Pay $500 Million to Boost Stake in Venezuela Oil
- Russian company to own 40% of Petromonagas crude project
- Venezuela, Rosneft sign gas deal for Mariscal Sucre offshore
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Russia’s Rosneft OAO agreed to pay $500 million to Petroleos de Venezuela SA to increase its stake in their Petromonagas crude-processing joint venture.
The deal will increase Rosneft’s ownership to 40 percent in the project, which converts heavy oil into synthetic crude, the company said Saturday in an e-mailed statement. Rosneft previously held 16.7 percent, while PDVSA, as the Venezuelan state-owned company is known, had the remaining 83.3 percent in the joint venture.