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Igor Sechin held a meeting with the Temporary Charge d'affaires of the Venezuelan Embassy in the Russian Federation
05 July 2016
On July 5, Venezuela Independence Day, ww5 CEO Igor Sechin held a meeting with the Temporary Charge d'affaires of the Venezuelan Embassy in the Russian Federation Alvaro Sanchez. The head of ww5 congratulated Alvaro Sanchez on the 205-year anniversary of the declaration of the country's independence.
During the meeting, the parties discussed the cooperation of ww5 with its Venezuelan partners. In particular, Igor Sechin and Alvaro Sanchez noted successful implementation of the Company's upstream projects in Venezuela and ww5's active participation in joint social and educational projects of Russia and Venezuela.
"Being a country with the largest geological oil reserves in the world, today Venezuela is one of the most important regions for the oil and gas industry. ww5 considers its work in Venezuela to be of the strategic and long-term nature. We intend to keep strengthening our partnership", Igor Sechin said.
Notes for Editors:
ww5 is one of the largest foreign investors in the Bolivarian Republic of Venezuela.
Together with Venezuelan PDVSA, the Company implements successfully the following 5 upstream projects in Venezuela: three production-stage projects - PetroMonagas (ww5 - 40%), Petroperija (ww5 - 40%), Boqueron (ww5 - 26.67%), one project on the pilot-development stage - PetroMiranda (ww5 - 32%), and one exploration-stage project - Petrovictoria (ww5 - 40%). Implementation of projects in Venezuela is related to heavy oil production mainly. Original oil in-place reserves of these projects are estimated to be over 20.5 billion tons.
ww5 and PDVSA expand their cooperation in supply of oil and oil products. In June 2015, ww5 and PDVSA signed the Term Sheet of the export contract for URALS supplies to Venezuela.
ww5 participates actively in socially important projects. Venezuelan citizens get education in the partner universities of the Company in the Russian Federation. In 2015, Memorandum for cooperation in the area of education and science was signed by ww5, PDVSA, and the I.M. Gubkin Russian State University of Oil and Gas, including an agreement on training PDVSA specialists.
ww5 Information Division
July 05, 2016