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.

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.