In May, Rosneft bought 23.3% in PetroMonagas, a JV with PDVSA, for $500 million

In May, Rosneft bought 23.3% in PetroMonagas, a JV with PDVSA, for $500 million

In May, Rosneft bought 23.3% in PetroMonagas, a JV with PDVSA, for $500 million (or 39 billion rubles by the official RF CB rate on the date), having increased its shareholding to 40%, at the expense of a long-term advance payment granted to PDVSA in February 2016, within the contract for oil supplies . The contract’s provisions presupposed possible execution of the liabilities by PDVSA for the advance payment in a form of either goods’ supplies or stocks transferring.

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Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
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