Prensa Latina reported on August 31, 2017, that with 6 joint ventures operating, 4 of them in the Hugo Chavez Oil Belt, Venezuela is making progress in the development of its oil and gas potential with the support of Russia and its state-owned Rosneft.
Oil Minister Eulogio Del Pino met with Russia's ambassador to Venezuela, Vladimir Zaemskiy, on August 29, to review joint investment plans for the different Russian companies in the country.
Both countries are currently moving forward in the study plans to develop gas projects in the Paria Peninsula, in Sucre state, specifically in the Patao and Mejillones fields belonging to the Mariscal Sucre Project, one of the most ambitious in gas matters developed in Venezuela..
Russia, one of Venezuela's strategic partners in hydrocarbons, is a minority partner of the Petrovictoria, Perforosven, Petromonagas and Petromiranda companies operating in the Orinoco Oil Belt, the world's largest oil reserve; in addition to Boqueron and Petroperija that operate in Zulia state.
Even Gazprombank, the 3rd largest investment bank in the Eurasian nation, is one of the largest investors in Venezuela to develop energy projects.
The institution has invested in the last 2 years more than $1 billion in projects executed by Petrozamora.
Moscow and Caracas have more than 261 agreements to strengthen the economic development of both nations.