Russian state-controlled Rosneft is selling its Venezuelan oil assets to an unnamed Russian state entity. It should protect the frm from further losses and potential US sanctions, and preserve Moscow’s longer-term strategic interests in the country. “All assets and trading operations in Venezuela and/or connected with Venezuela will be disposed of, terminated or liquidated,” Rosneft announced last month. It will receive 9.6pc of its equity capital as a settlement payment, which will “be held by a 100pc subsidiary of Rosneft and accounted for as treasury stock”, the company says. The sale covers Rosneft’s minority stakes in the PetroMonagas integrated heavy crude upgrading project — which has been of line for at least a year — the mature PetroPerija and Boqueron oil felds, undeveloped heavy crude joint ventures PetroMiranda and PetroVictoria, oil feld service companies, and commercial and trading operations.
展开▼
