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Resource Wars: Russia Plans Oil, Gas Projects In Venezuela

Published: January 30, 2013
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Source: RFERL

Russia and Venezuela will deepen their energy cooperation, according to the chief executive of the Russian energy company Rosneft.

Igor Sechin said the company plans to invest about $10 billion in Venezuela in the coming years.

He was speaking on January 29 on a visit to Caracas.

In the Venezuelan capital, officials from both countries signed five documents laying out plans for offshore natural gas and oil projects, as well as the creation of a new joint company for the purchase of Russian-made oil drills.

Venezuelan Oil Minister Rafael Ramirez said that Russian and Venezuelan companies plan to invest nearly $47 billion in the next six years, while increasing production in oil projects involving Russian companies.

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