Support The Moscow Times!

Rosneft Venture Set Up

The executive order on the creation of a joint venture between Rosneft and Corporacion Venecolana del Petroleo, a subsidiary of Venezuelan oil company PDVSA, has officially gone into effect following its publication in the government publication Gaceta Oficial, the Russian state oil major said.

Rosneft will own 40 percent of the venture and CVP will own the other 60 percent.

The agreement on the creation of the joint venture was ratified by Venezuela's National Assembly in early April.

The venture will develop the Carabobo-2 North and Carabobo-4 West blocks in the Orinoco River basin in the states of Anzoategui and Monagas.


Read more

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

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.