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Venezuela OKs Russia’s part in developing Orinoco oil deposit

Tags: oil supplies, oil, Venezuela, Business, World, News
 
Mar 10, 2010 08:33 Moscow Time
Oil. Photo: EPA
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Venezuela’s Parliament approved the creation of a joint Venezuelan-Russian stock company to develop the Junin 6 oil deposit on the Orinoco River. Talks on this agreement had been held for a year before it was finally signed a month ago in Moscow. The joint stock company unites the Petroleos de Venezuela state corporation and a Russian National oil consortium that includes several leading Russian companies. However, some Venezuelan opposition MPs say that they see the treaty as “transferring the country’s national sovereignty to Russia” and will try to have it annuled. But experts point out that Venezuela’s share in the deal is 60%, while Russia’s only 40%. The Russian side  promised earlier to give Venezuela a $ 600 million bonus after the treaty is signed. It is planned to start developing the deposit already this year. The work may last 40 years and require about $ 20 billion. The heavy oil reserves of the Junin 6 deposit are more than 52 billion barrels.

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