Venezuela Says Agrees with Russia on USD 14 B Investment in Oil/Gas Sector

Venezuela and Russia have agreed to invest more than USD 14 B in the oil and gas industry of the South American country, Venezuelan President Nicolas Maduro has said.

The agreement is aimed at doubling Venezuela's oil output, newswires quoted Maduro as saying in a televised address on Wednesday evening following a meeting with the CEO of Russia's biggest oil producer Rosneft, Igor Sechin.

The agreement was reached in talks between Maduro, Sechin and the head of Venezuela's state-owned oil firm PDVSA.

According to Maduro, the investment will be used to develop the so-called Orinoco Belt. The area, which runs through the northeast and into the Caribbean Sea, holds some of the world's largest crude oil reserves.

Maduro provided no details of the planned investment.

Reuters quoted Rosneft as saying in emailed comments that the USD 14 B was the total amount of investments of the company in Venezuela during the lifespan of current and future projects.