On July 2 in Moscow Rosneft’s President and Chairman of the Management Board Igor Sechin and Venezuelan Oil Minister and PDVSA President Rafael Ramirez in the presence of the President of the Russian Federation Vladimir Putin signed a cooperation agreement for implementation of offshore projects in Venezuela.

The Agreement provides for among other things joint studies for evaluation of technical and economic viability of offshore gas and condensate production in Venezuela, gas liquefaction for export and domestic sales and evaluation of the prospects of joint ventures for development of gas and gas condensate fields.

To carry out joint studies the parties will set up a managing committee and working teams and PDVSA will provide information required for studies to Rosneft.

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Companies will evaluate possibility of implementation of joint projects on Rio Caribe and Mejillones fields (Stage II of Mariscal Sucre Project) and exploration in the Venezuelan part of the Caribbean Basin and in the Gulf of Venezuela as well as near the Atlantic Coast of Venezuela.