Rosneft to pay $440 million of bonus, agreed during establishment of joint venture, to Petroleos de Venezuela before September 1

Rosneft and Petroleos de Venezuela have signed an agreement on payment $440 million, which are a part of the bonus, agreed during the creation of one of the joint ventures that operates in the Orinoco Oil Belt, to the Venezuelan company before September, 1st, head of Rosneft Igor Sechin reported today.

Today, heads of Rosneft and the Venezuelan state-owned company Petroleos de Venezuela, Igor Sechin and Rafael Ramirez signed a series of agreements on expanding cooperation in the field of oil and gas extraction in the South American country, including the establishment of joint ventures for the creation of infrastructure and the provision of oilfield services, as well as training of Venezuelan specialists in Russia.