Rosneft ceases operations in Venezuela

US, WASHINGTON (ORDO NEWS) — The Rosneft oil company announced the cessation of activities in Venezuela and the sale of assets related to its activities in this Latin American country.

According to the company’s website, Rosneft concluded an agreement on the sale of shares and termination of its participation in all projects in Venezuela with a company 100% owned by the Russian government.

Rosneft, in particular, sells stakes in the mining enterprises of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, in oilfield services and trading operations. As a result of this agreement, all Rosneft’s assets and trading operations based in Venezuela or related to this country will be sold, closed or liquidated.

Rosneft itself, as a result of the execution of the agreement and the sale of assets, will receive a package of 9.6 percent of its own shares on the balance sheet of one of its 100 percent subsidiaries.

Rosneft, as a public international company, made the decision to sell all its assets in Venezuela, based on considerations of protecting the interests of its shareholders. This was told by the press secretary of the company Mikhail Leontyev. Rosneft expects that after the sale of Venezuelan assets, US sanctions against its subsidiaries will be lifted.

Rosneft, Leontyev emphasized, expects American regulators to fulfill their public promises.

On February 18, the US Administration announced the imposition of sanctions on Rosneft Trading SA and its President Didier Casimiro in connection with the sale of oil from Venezuela. On March 12, the United States announced the imposition of sanctions against Rosneft subsidiary TNK Trading International SA.

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