Russia & Venezuela agree on massive $14bn oil & gas investment deal

Published time: May 28, 2015 07:00

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Venezuela's President Nicolas Maduro (R) and Rosneft Chief Executive Igor Sechin shake hands during their meeting at Miraflores Palace in Caracas, in this May 27, 2015 (Reuters / Miraflores Palace / Handout via Reuters)

President of Venezuela Nicolas Maduro says his country has reached an agreement with Russia, which will see investment of $14 billion in the oil and gas sector over the next few years.
The agreement was reached between the Venezuelan state oil firm, PDVSA (Petroleos de Venezuela) and the Russian oil giant, Rosneft, after talks in the South American country’s capital, Caracas, between Maduro, the president of PDVSA, Eulogio Del Pino, and the president of Rosneft, Igor Sechin.
"We had a great meeting and agreed on investment of over $14 billion,” said Maduro in a television address, following a meeting with Sechin. He added that the funds would go towards doubling Venezuela's oil production.

According to the Venezuelan president, the investment will be used to develop the so-called Orinoco Belt, which runs through the northeast and into the Caribbean Sea. The belt holds some of the largest crude oil reserves in the world. The two countries will also look into developing the Latin American nation’s gas sphere.