Support The Moscow Times!

Surgut Exits Venezuela

The board of oil producer Surgutneftegaz voted in favor of leaving the Russian consortium developing Venezuela's Orinoco belt, its last foreign project, the company said Wednesday.

The consortium owns a 40 percent stake in the project, which started oil production in September. Venezuela's state oil company, PDVSA, has 60 percent.

Anglo-Russian oil company TNK-BP also decided to leave the project to focus on its own assets in the country, and TNK-BP started talks with Rosneft, also a partner in the project, on selling its share in the consortium.


Related articles:

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.