Venezuelan President Nicolas Maduro said on Friday as quoted by VTV (Venezolana de Televisión) that the “necessary investment for the future” comes amid a “global crisis” and “economic war.”
Maduro was speaking at the signing ceremony in Caracas attended by Rosneft and PDVSA officials.
The investment will increase Rosneft’s stake in the Petromonagas crude-processing venture, located in Venezuela’s Orinoco belt. Rosneft previously held 16.7 percent of the joint venture.
In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years.
Up to 96 percent of Venezuela’s budget depends on oil revenues.