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Russia Set for More Involvement in Venezuela

OIL

Russia intends to boost oil and gas cooperation with Venezuela Russian Deputy Prime Minister Alexander Novak said.

  • Russia and Venezuela are jointly implementing five projects - "oil is being extracted," he said.
  • “We are broadening cooperation today, including in the gas sector. We have two projects down the road," he said.
  • "It is necessary to connect Venezuela's banks to our financial payment system, because Venezuela is also subject to sanctions, and it is needed in order to enable settlements in national currencies," Novak said.
  • Heavier Russian involvement may complicate matter for Chevron operating in the country. It is forbidden from working with Russian entities as part of its recently approved license.
Energy BulletsCommodities
Energy BulletsCommodities

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