Thursday, March 16, 2017

Exclusive: Venezuela's cash-strapped PDVSA offers Rosneft oil stake - sources

Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country's Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation's dire economic situation and Moscow's growing muscle there.

Rosneft (ROSN.MM), Russia's top oil producer, has been offered a 10 percent stake in the Petropiar joint venture.

PDVSA [PDVSA.UL], as Petr√≥leos de Venezuela SA is known, has a 70 percent share, and U.S. oil company Chevron Corp (CVX.N) holds 30 percent of the venture, which includes an oil field and a 210,000 barrel-per-day oil upgrader .... http://www.reuters.com