Venezuela’s Parliament has approved a 15-year extension of the country’s oil-producing joint ventures with Russian companies, Venezuelan Vice President Delcy Rodriguez said on Telegram as the South American country doubles down on its strategic alliance with Russia.
The 15-year extension now allows the joint ventures established under the strategic energy alliance between the two countries to continue operations until 2041, Rodriguez said, adding it is a crucial step toward Venezuela’s energy development.
“No illegitimate blockade can overcome our energy strengths,” the Venezuelan vice president said.
Venezuela’s state-owned oil firm PDVSA has joint ventures with a unit of Russian firm Roszarubezhneft that develop two oilfields, Boqueron and Perija, in western Venezuela.
Roszarubezhneft, owned by a unit of the Russian Ministry of Economic Development, was incorporated in 2020. After the U.S. sanctioned two units of Rosneft for trading Venezuelan oil, Roszarubezhneft bought the Venezuelan assets of the Russian state-controlled oil giant Rosneft.
The strengthening of the Venezuela-Russia energy alliance with the 15-year extension of the joint ventures comes as the two countries are under increased pressure from the United States.
The Trump Administration has just sanctioned Rosneft and the second-biggest Russian producer, Lukoil, while U.S. aircraft carriers have moved to the Caribbean close to Venezuelan waters.
Set OilPrice.com as a preferred source in Google .
In recent days, the U.S. has moved the USS Gerald R. Ford, the world’s most advanced aircraft carrier, close to Venezuela, and U.S. President Donald Trump earlier this week said he would not rule out sending U.S. troops to Venezuela.
Hours after the President’s comments, Nicolas Maduro said that he is “ready” to hold face-to-face talks with representatives of the Trump Administration.
Meanwhile, U.S. sanctions on the global operations of Russian oil heavyweights Rosneft and Lukoil come into effect today, with some 48 million barrels of Rosneft and Lukoil crude on tankers that will now have to look for new destinations.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com
- Equinor Secures Major 10-Year Gas Deal With Czech Republic
- European Natural Gas Plummets to 18-Month Low
- Abu Dhabi Conglomerate Enters Bidding War for Lukoil Assets
