Venezuela and Russia’s top oil producer, Rosneft, have agreed on around $14 billion in investment in the South American OPEC country’s oil and gas sector, President Nicolas Maduro said on Wednesday evening.
Maduro said he met with the chief executive of state-owned Rosneft, Igor Sechin, earlier on Wednesday, in the company of PDVSA [PDVSA.UL] President Eulogio del Pino and National Assembly boss and Socialist Party No. 2 Diosdado Cabello.
“We had a great meeting and agreed on investment of over $14 billion,” said Maduro during a televised broadcast, adding the funds would go toward doubling Venezuela’s oil production.
PDVSA has formal ambitious targets to double national production to 6 million barrels a day by 2019, with 4 million of that projected to come from the Orinoco Belt, but few industry experts or foreign investors expect those goals to be met.