This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Russia Plans Oil, Gas Projects In Venezuela

By FABIOLA SANCHEZ

CARACAS, Venezuela (AP) â¿¿ The chief executive of Russian energy company Rosneft said Tuesday that Russia will keep deepening cooperation with Venezuela's government in oil, natural gas and electrical projects.

Russian and Venezuelan officials signed five documents laying out plans for offshore natural gas and oil projects, the creation of a new joint company, and the purchase of Russian-made oil drills.

Rosneft chief executive Igor Sechin said the company plans to invest about $10 billion in Venezuela in the coming years.

Venezuelan Oil Minister Rafael Ramirez said that Russian and Venezuelan companies plan to jointly invest nearly $47 billion in the next six year while increasing production in oil projects involving Russian companies. He said that will include more than $17 billion in direct investment by Russian companies.

Along with Rosneft, other Russian companies operating in Venezuela's energy industry include Lukoil, Gazprom and Surgutneftegaz.

Rosneft announced its plans to continue with major investments a day after Ramirez denied a news account that some foreign companies appeared to be holding off on their investments in oil projects due to uncertainty about President Hugo Chavez's health situation. Chavez remains in Cuba seven weeks after undergoing his latest cancer surgery.

When asked by a journalist about Rosneft's expectations considering Chavez's complicated health situation, Sechin said he hopes for the company's projects with state-run Petroleos de Venezuela SA to continue based on plans for "long-term cooperation."

"We're going to continue this work," Sechin said, adding that the company also plans to work with Venezuela in areas including electricity, infrastructure and the production of oil drills and other equipment.

The state oil company PDVSA currently produces about 230,000 barrels of oil a day in joint projects with Russian companies, Ramirez said. He said that by 2021 the government aims to increase that amount to 1.1 million barrels a day.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs