The Venezuelan parliament approved a 15-year extension of joint venture cooperation between the state-owned PDVSA company and the Russian oil company Roszarubezhneft, according to a message published on the National Assembly website.
The deepening of energy cooperation has occurred despite far-reaching US sanctions against both countries and accusations that Washington wants to overthrow president Nicolas Maduro under the pretext of an anti-drug campaign.
The extension, announced on Thursday, allows joint venture companies operating oil deposits in western Venezuela to proceed operations until 2041. Parliamentarians estimation that during this period the extraction will amount to about 91 million barrels of oil, and investments will amount to around $616 million.
This decision is simply a consequence of the extended strategical partnership signed last period by Russian president Vladimir Putin and Maduro.
Roszarubezhneft was established in 2020 after the United States imposed sanctions on 2 state-owned oil companies Rosnieft for helping to sale Venezuelan oil, which prompted the company to retreat from the country.
The fresh state-owned company shortly took over Rosnieft's Venezuelan assets, which allowed Russia to keep its presence in this sector.
Both countries have been facing Western restrictions for years.
Venezuela has been subjected to U.S. extremist action directed at PDVSA, a financial strategy and high-ranking officials, and Russia has been struggling to escalate sanctions against Ukraine since 2014.
Caracas besides remains 1 of Moscow's loudest allies, regularly condemning Western sanctions against Russia and expanding diplomatic and economical cooperation in many sectors.
The expansion of oil cooperation is besides taking place in the context of the increasing force of the US on Venezuela.
In fresh months, the Pentagon has sent warships to the Caribbean and conducted controversial attacks on tiny boats, which it claims are active in drug smuggling from Venezuela.
The White home maintains that Maduro is an illegal, cartel-related ruler, which fuels speculation on the anticipation of imminent direct military action.
Maduro denied allegations of drug trafficking and accused Washington of utilizing smuggling past as an excuse to change the regime.
In his opinion, the real goal of the US is to take control of Venezuela's natural resources.
Translated by Google Translator
source:https://www.rt.com/news/628140-venezuela-extends-Russian-oil-ventures/
