Russian State Oil Company Rosneft Bails Out Of Venezuela

FILE PHOTO: Rosneft logo is pictured on a safety helmet in Vung Tau

Sputnik: Russia's Rosneft Oil Company Announces Termination of Its Activity in Venezuela

The Russian oil company's operations in the Latin American country, where it was extracting the heaviest mix of crude in the world, have been complicated since Washington initiated a campaign to oust democratically elected President Nicolas Maduro. The US namely introduced sanctions on companies working in the Venezuelan oil sector.

Russia’s Rosneft oil company has announced that it is selling 100% of its rights in all Venezuelan oil projects to a company owned solely by the Russian government. Rosneft will receive 9.6% of its shares, currently held by the government, in exchange for these rights. The sale means that Rosneft will cease all of its operations in the Latin American country.

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Update: Rosneft sells Venezuela operations to Russian state firm (Reuters)

WNU Edityor: The Kremlin is basically picking up Rosneft's assets in Venezuela. No investor wants to buy these shares, so left with no choice Rosneft is basically just giving it away to the Russian government until conditions improve in Venezuela.

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