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Russian Oil Company Seeks Debt for Oil Swap With PDVSA

OIL

Roszarubezhneft - a Russian state-owned company that acquired Rosneft’s assets in Venezuela in 2020 - wants to market the crude and fuel oil produced by the joint-ventures - similar to a deal PDVSA struck last year with US oil producer Chevron according to Reuters reports.

  • The joint ventures are owed about $3.2 billion from sales handled by PDVSA.
  • PDVSA last year agreed to a workaround with Chevron that allowed the US oil major to market crude from its joint ventures in payment for outstanding debt and dividends.
  • The venture may also help PDVSA to produce more domestic volumes.

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