Rosneft Puts Up $2.6B For Stake In Venezuelan Oil JV

Law360, New York (May 28, 2013, 4:36 PM EDT) -- Russian oil giant OAO Rosneft will pay roughly $2.6 billion in cash and loans to Venezuela's state-owned oil company for a 40 percent stake in a project estimated to hold 40 billion barrels of heavy crude oil, Rosneft said Friday.

Rosneft will be a minority partner in the Petroleos de Venezuela SA-owned Carabobo-2 project. The oil development is in the Orinoco River's vast heavy crude belt.

The Russian firm will pay PDVSA $1.1 billion in two stages for the 40 percent stake, along with a loan...
To view the full article, register now.