Originally on BBC World, May 28th, 2015
Venezuelan President Nicolas Maduro said on Wednesday that he had reached an agreement with Russia’s top oil producer Rosneft to invest $14bn (£9.2) in Venezuela’s oil and gas sector. Rosneft said that the $14bn constituted its total investment in current and future projects in Venezuela. In comments emailed to Reuters news agency, Rosneft said it had already invested $1.8bn in Venezuela from 2010 to 2014.
Venezuela, which is heavily dependent on oil money, has been hit hard by falling oil prices.
It is estimated that 96% of its export revenues come from oil.