Venezuela and Rosneft agree on Oil deal

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.

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