Venezuela and Russia to create Joint Venture for project in block Junín 6

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14-03-2009

Russian Deputy Prime Minister, Igor Sechin, and the People’s Minister of Energy and Petroleum and president of Petróleos de Venezuela, Rafael Ramírez, signed today the amendment to the Cooperation Agreement in the Field of Energy signed last November, in order to promote the creation and operation of a Joint Venture for an oil project in block Junín 6 of the Orinoco Oil Belt.

The document specifies that the amended article shall read as follows: “For the execution of the purpose of this Agreement in the field of petroleum, among others, the areas of exploration and exploitation of reservoirs, upgrading and commercialization of crudes and products, the Parties shall promote the creation and operation of a Joint Venture for the creation of a Oil Project in the block Junín 6 of the Orinoco Oil Belt”.

The creation and operation of the Joint Venture –for the execution of the project in an area of 447.85 square kilometers- shall be subject to the legislation of the Bolivarian Republic of Venezuela.

Sechin and Ramírez also discussed the oil market, and in that sense, the representative of the Venezuelan energy ministry explained that while demand continues to drop, stock levels continue to rise.

The Venezuelan ministry expressed that the members of the Organization of Petroleum Exporting Countries (OPEC) show good compliance with previously agreed production cuts, but it is necessary to reduce overproduction.

“We urge non-OPEC countries to reduce production to reach stability in the market and reach a price of at least 70 dollars per barrel. Otherwise, nobody will be able to invest in the sector”, expressed the ministry Ramírez during the meeting with the Russian Deputy Prime Minister.


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