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Russia's Rosneft halts work in Venezuela

March 31, 2020 00:00:00


MOSCOW, Mar 30 (AFP): Russian oil giant Rosneft announced Saturday it is halting its activities in Venezuela and selling its assets there, a country that has been hit by US trade sanctions.

"Rosneft announces the termination of its operations in Venezuela and the disposal of its assets, related to operating in Venezuela," the company said in a statement.

Russia however remains a key partner to Caracas. State oil giant Rosneft said it had sold its Venezuelan assets to a company 100 per cent-owned by the Russian government.

The interests sold by Rosneft include joint ventures of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, "as well as oil-field services companies, commercial and trading operations," the company said.

All Rosneft shares and operations linked to Venezuela will be "disposed of, terminated or liquidated", the company stressed.

Russia, with China and Cuba, is one of the main allies of Venezuela's leader President Nicolas Maduro, but US sanctions against his regime had put Rosneft under increasing pressure.

In February, Washington announced sanctions against a Rosneft subsidiary because of its presence in Venezuela.

Rosneft spokesman Mikhail Leontiev said the company had fulfilled its obligations and now had a right to expect the lifting of sanctions, Russian news agency Ria Novosti reported.


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