Rosneft President Igor Sechin held talks with the Minister of Popular Power for Oil and Mining and President of Petróleos de Venezuela, SA (PDVSA ), Rafael Ramirez Carreno.

The parties discussed a wide range of issues regarding current cooperation between the companies, Rosneft activities in Venezuela and the outlook of development of new projects.

Currently Rosneft and PDVSA cooperate in the realization of 5 Joint Ventures in the upstream sphere in Venezuela. These include:

Project Carabobo-2,4 (JV Petrovictoria). CVP (PDVSA subsidiary) – 60%, Rosneft – 40%
JV PetroMonagas. CVP (PDVSA subsidiary) – 83.3%, Rosneft – 16.7%
Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) – 60%, NOC – 40%
JV Boqueron. CVP (PDVSA subsidiary) – 60%, Rosneft – 40%
JV Petroperija. CVP (PDVSA subsidiary) – 60%, Rosneft – 40%

Total geological oil reserves of these projects are estimated more than 20.5 bln t.