May 28, as part of his business trip to Caracas, Rosneft Chairman of the Management Board Igor Sechin met with the President of the Bolivarian Republic of Venezuela Nicolás Maduro. The parties discussed a wide range of issues concerning ongoing cooperation and outlook for development of the new projects.
Partnership of Rosneft and its Venezuelan partners has strong and strategic nature and is focused on long-term cooperation.
In Venezuela, Rosneft is engaged in five production projects with the total annual output of 9 mln tons in 2013-2014, or 4% of the country's total output, where Rosneft's contribution stands at 1.6 mln tons. Rosneft is consistently expanding its ties with Venezuela and is set to boost its crude output in the country to 8 mln tons a year, from 1.6 mln in 2014. Between 2010 and 2014 Rosneft's investment in the joint ventures totaled USD1.8 bln.
Signing of two long-term agreements for crude oil and petroleum product supplies from PDVSA between Rosneft and PDVSA became a significant result of 2014.