Venezuela will sell its stake to Russian oil group Rosneft (File photo)
State-run oil company Petróleos de Venezuela (Pdvsa) said that the energy agreements recently signed between Venezuela and Russia involve projects amounting to USD 4 billion in investments.
Pdvsa said that Venezuela purchased 13 thermal electric plants totaling 350 megawatts that will be used to achieve Pdvsa's energy self-sufficiency.
Moscow and Caracas also agreed on a work plan and a joint investment budget of USD 800 million in 2011 to develop the Junín block 6 in the Orinoco Oil Belt, whose early production goal is set at 50,000 barrels of oil per day in 2012.
The two countries also agreed to establish a joint venture between state-run oil shipping company PDV Marina and Russia's Sovcomflot to transport crude oil and products, in order to reduce the profit margin of third parties in the transportation of oil and products.