The parliament of Venezuela approved an economic regime for the Carabobo-2 project, the president of Russia's Rosneft company, Igor Sechin, said at a presentation for investors, RBC reports.
Rosneft and Venezuela’s Corporation Venezolana del Petroleo, a subsidiary of PDVSA) signed a deal on September 28, 2012, to form a joint venture for development of Carabobo-2 at Orinoco River basin. Russia has a share of 40% in the project. The document was signed by Sechin and PDVSA head Rafael Ramirez. Venezuelan leader Hugo Chavez took part in the process.
Russia will gain access to 6.5 billion tons of oil in exchange for a loan worth $1.5 billion and a bonus of$1 billion. The finances will come in tranches of $300-400 million each.
