Venezuela President Nicolás Maduro, held a meeting with Rosneft CEO Igor Sechin, to strengthen the joint work between Venezuela and Russia and sign new agreements on gas exploration and exploitation.

People’s Minister of Petroleum and President of Petroleos de Venezuela, S.A., Manuel Quevedo, along with PDVSA Executive Vice President and Vice President of Trade and Supply, Ysmel Serrano; People’s Minister of Finance, Simón Zerpa; Sectoral Vice President of Economy, Wilmer Castro Soteldo, and a high level delegation of Rosneft also participated in the meeting. 

Fraternal relations with the Russian Federation were a highlight of the meeting, as Rosneft is a strategic partner that has enabled the development of Venezuela’s energy sector. Bilateral relations are being expanded.

These partnerships driven by Commander Hugo Chávez and continued by Workers’ President Nicolás Maduro, made possible the creation and launching of joint ventures Petromonagas, Petromiranda, Boquerón, Petroperijá and Petrovictoria for the exploitation of hydrocarbons in the Orinoco Oil Belt (FPO) and in the state of Zulia. 

PDVSA has a 60% majority stake in these joint ventures. Both nations are an energy power, as Russia is the first oil producer in the world with 11 million barrels per day and is the second gas producer, and Venezuela has the largest reserves of crude oil in the world and is the first gas producer in Latin America.