Venezuela’s cash-strapped PDVSA offers Rosneft oil stake – sources

Yahoo News-01CARACAS/HOUSTON (Reuters) – Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country’s Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation’s dire economic situation and Moscow’s growing muscle there.

Rosneft (ROSN.MM), Russia’s top oil producer, has been offered a 10 percent stake in the Petropiar joint venture.

PDVSA [PDVSA.UL], as Petróleos de Venezuela SA is known, has a 70 percent share, and U.S. oil company Chevron Corp (CVX.N) holds 30 percent of the venture, which includes an oil field and a 210,000 barrel-per-day oil upgrader.

Two sources said the offer was part of a larger package offered to Rosneft as PDVSA seeks to raise money to pay suppliers and bond holders.

It is unclear if Rosneft will accept the offer. Financial details of the potential transaction were not immediately available.

PDVSA and Venezuela’s Oil Ministry did not respond to requests for comments. Chevron and Rosneft declined to comment.

A deal would see California-based Chevron working alongside state-owned Rosneft, which has been affected by U.S. sanctions against Russia. …

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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

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