Venezuela is going to widen cooperation with Russia in the energy sphere despite the sanctions

Venezuela is going to widen cooperation with Russia in energy sphere despite the sanctions of a number of western states, the Ambassador Extraordinary and Plenipotentiary of Bolivarian Republic of Venezuela in Russia ,Juan Vicente Paredes Torrealba. Russian investment into the republic in the energy sphere could exceed $400 billion. The latter can double oil and oil products supplies due to the good relations with Russia and Rosneft. Besides from that, Venezuela is going to increase supplies in gas, energy and electricty spheres.

Rosneft and the Venezuela’s PDVSA closed in May the long-term contract for oil and oil products supplies presupposing supplies of over 1.6 million tons of oil and 7.5 million tons of oil products within the next 5 years. Advanced payment for the contract will be $2 billion. It’s the first transaction of such volume between the companies. The contract opens large prospects for further development of cooperation of Rosneft and PDVSA in the trading sphere.