Venezuela and Russia Agree on $14 Billion Oil, Gas Investment
- 9 years ago
President Nicolas Maduro and Igor Sechin, the head of the Russian State Oil Company Rosneft have agreed on a Russian investment of approximately $14 billion dollars in Venezuela’s oil and gas industry. The Venezuelan National Oil Company PDVSA plans to double national production by six million barrels a day by 2019. Most of the Russian investment will go towards improving output in the Orinoco region of Venezuela in the northeast of the country, a region believed to hold the world’s largest proven oil reserves. teleSUR