Tuesday, September 22, 2020
Home Oil & Gas Rosneft sells all Venezuela's assets

Rosneft sells all Venezuela’s assets

At the end of March, one of the Russian largest oil companies Rosneft announced the termination of its operations in Venezuela and the disposal of its assets, related to operating in the Latin American country.

While selling all of its interest and ceasing participation in its Venezuelan businesses, Rosneft also sold the joint ventures of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, as well as oil-field services companies, commercial and trading operations. As a result of the concluded agreement, all assets and trading operations of Rosneft in Venezuela or connected with Venezuela will be disposed of, terminated or liquidated.

Rosneft was caught up in the tension between the United States and Venezuela, which resulted in a number of sanctions that would have targeted Russia as well.

As reported by Reuters, the United States mentioned the possibility of lifting the sanctions on two units of Rosneft, if it is clear the company is no longer involved in Venezuela.

The concluded transaction and the sale of assets will result in Rosneft receiving as a settlement payment a 9.6 per cent share of Rosneft’s equity capital that will be held by a 100 per cent subsidiary of Rosneft and accounted for as treasury stock.

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