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Rosneft and PDVSA To Set Up Engineering & Construction JV

29 July 2014

Rosneft President Igor Sechin and PDVSA Ingeniería y Construcción S.A. President Fadi Kabboul signed an Engineering & Construction JV Establishment and Management Agreement.

The document was signed in Caracas during the visit of Igor Sechin to Venezuela. Pursuant to the document, Rosneft and PDVSA will set up a joint venture that will provide engineering and construction services to put in place petroleum and other infrastructure facilities, primarily required for the operations of other joint ventures between Rosneft and PDVSA. This JV will enable expedited development of infrastructure for, and significantly enhance the efficiency of managing, Rosneft's Venezuelan assets.

Notes for Editors:

Rosneft and PDVSA at present engage in 5 joint oil production projects in Venezuela:

  • Carabobo-2,4 project (Petrovictoria JV) – CVP (a PDVSA subsidiary) (60%), Rosneft (40%).
  • Junin-6 project (PetroMiranda JV). CVP (a PDVSA subsidiary) – 60%, LLC NOC - 40%.
  • PetroMonagas JV. CVP (a PDVSA subsidiary) – 83.3%, Rosneft – 16.7%.
  • Boqueron JV CVP (a PDVSA subsidiary) (60%), Rosneft (26.67%), OMV (13.33%).
  • Petroperija JV CVP (a PDVSA subsidiary) – 60%, Rosneft – 40%. Total oil-in-place reserves of these projects are estimated at over 20.5 billion tons.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
July 29, 2014

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.