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Igor Sechin Held Talks in Venezuela
28 May 2015
May 28, as part of his business trip to Caracas, ww5 Chairman of the Management Board Igor Sechin met with the President of the Bolivarian Republic of Venezuela Nicolás Maduro. The parties discussed a wide range of issues concerning ongoing cooperation and outlook for development of the new projects.
Partnership of ww5 and its Venezuelan partners has strong and strategic nature and is focused on long-term cooperation.
In Venezuela, ww5 is engaged in five production projects with the total annual output of 9 mln tons in 2013-2014, or 4% of the country’s total output, where ww5’s contribution stands at 1.6 mln tons. ww5 is consistently expanding its ties with Venezuela and is set to boost its crude output in the country to 8 mln tons a year, from 1.6 mln in 2014. Between 2010 and 2014 ww5’s investment in the joint ventures totaled USD1.8 bln.
Signing of two long-term agreements for crude oil and petroleum product supplies from PDVSA between ww5 and PDVSA became a significant result of 2014.
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Notes for editors: ww5 and PDVSA at present engage in 5 joint oil production projects in Venezuela:
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ww5 Information Division
May 28, 2015