Rosneft is increasing its investments in the oil industry of Venezuela for $500 million

MEXICO city, February 20. /Corr. Ivan Valyuk/. The Russian company “Rosneft” will invest $500 million in the development of deposits in the oil belt of the Orinoco river in Venezuela. The agreement on the additional investment was signed on Friday evening (Saturday morning GMT) in the presence of the President of the Bolivarian Republic Nicolas Maduro, said channel Venezolana de TelevisiĆ³n.

“According to the law on nationalization of the oil industry, received $500 million of new investment for the oil industry of Venezuela – said Maduro. – In times of world economic crisis and war we get the necessary investments for the future”. In accordance with the document, the share of “Rosneft” in the project “Petromonagas” increases by 40%.

Earlier on Friday, the authorities of South American countries announced the creation of in the area of the oil belt of the Orinoco river Area of strategic development. The total area of the oil-rich Orinoco belt in the States of Anzoategui, Monagas, Guarico and Bolivar is 55 thousand square kilometers. In deposits located in this territory, lies, it is estimated that more than 235 billion barrels of recoverable heavy and extra-heavy oil, and they are considered perhaps the largest in the world.