Russian Oil Giant Lends Support to Venezuela Oil Company
- $1 billion prepayment for crude made to PDVSA in April
- Russia’s Rosneft standing by investment plans in Venezuela
Venezuela Inches Closer to Dictatorship
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Russia’s largest oil company disclosed another advance payment to Venezuela’s state producer after the U.S. sanctioned President Nicolas Maduro on Monday.
Rosneft PJSC paid $1.02 billion to Petroleos de Venezuela SA in April for future crude supplies, the state-run Russian producer said in an earnings statement on Friday. That follows advance payments of about $1.5 billion in 2016 and comes a day after Rosneft Chief Executive Officer Igor Sechin pledged to stick with investment plans in the crisis-torn Latin American nation.