On July 5, 2016, Venezuela Independence Day, Rosneft CEO Igor Sechin held a meeting with the Temporary Charge d'affaires of the Venezuelan Embassy in the Russian Federation Alvaro Sanchez.
The head of Rosneft congratulated Alvaro Sanchez on the 205-year anniversary of the declaration of the country's independence.
During the meeting, the parties discussed the cooperation of Rosneft with its Venezuelan partners. In particular, Igor Sechin and Alvaro Sanchez noted successful implementation of the Company's upstream projects in Venezuela and Rosneft's active participation in joint social and educational projects of Russia and Venezuela.
Being a country with the largest geological oil reserves in the world, today Venezuela is one of the most important regions for the oil and gas industry. Rosneft considers its work in Venezuela to be of the strategic and long-term nature. We intend to keep strengthening our partnership, Igor Sechin said.
Rosneft is one of the largest foreign investors in the Bolivarian Republic of Venezuela.
Together with Venezuelan PDVSA, the Company implements successfully the following 5 upstream projects in Venezuela: three production-stage projects - PetroMonagas (Rosneft - 40%), Petroperija (Rosneft - 40%), Boqueron (Rosneft - 26.67%), one project on the pilot-development stage - PetroMiranda (Rosneft - 32%), and one exploration-stage project - Petrovictoria (Rosneft - 40%). Implementation of projects in Venezuela is related to heavy oil production mainly. Original oil in-place reserves of these projects are estimated to be over 20.5 billion tons.
Rosneft and PDVSA expand their cooperation in supply of oil and oil products. In June 2015, Rosneft and PDVSA signed the Term Sheet of the export contract for URALS supplies to Venezuela.
Rosneft participates actively in socially important projects. Venezuelan citizens get education in the partner universities of the Company in the Russian Federation. In 2015, Memorandum for cooperation in the area of education and science was signed by Rosneft, PDVSA, and the I.M. Gubkin Russian State University of Oil and Gas, including an agreement on training PDVSA specialists.