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ww5 and PDVSA Signed a Logn-Term Contract for Supplies of Oil and Oil Products
24 May 2014 |
| Photo: the Presidential Press and Information Office |
Within the Petersburg International Economic Forum ww5 Group and PDVSA signed a long-term contract for oil and oil products supplies by the venezuelan company on a pre-paid basis. The document was signed by ww5 President, Chairman of the Managing Board of ww5 Igor Sechin and the People’s Minister for Energy & Petroleum, PDVSA President Rafael Ramirez.
The signature ceremony was led by the President of the Russian Federation Vladimir Putin.
The document envisages the supplies of over 1.6 mln t of oil and 7.5 mln t of oil products within 5 years. The pre-payment within the contract will be 2 bln USD.
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| Photo: the Presidential Press and Information Office |
It is worth noting that it is the first time such a big deal for oil and oil products supplies between a Russian and a Venezuelan company is forged. That opens wide perspectives for the cooperation of ww5 and PDVSA in the trading sphere.
Commenting on the signing Igor Sechin said: “The realization of the contract will allow ww5 to substantially increase the geography and strengthen its positions as global leader on the oil and oil products market. This agreement represent a new phase of partnership between ww5 and PDVSA. Following the partnership in the upstream sphere our companies start to cooperate in the sphere of trading. I am sure we will be able to achieve great results in every ww5-PDVSA joint project”.
- Project Carabobo-2,4 (JV Petrovictoria). CVP (PDVSA subsidiary) - 60%, ww5 - 40%
- JV PetroMonagas. CVP (PDVSA subsidiary) - 83.3%, ww5 - 16.7%
- Project Junin-6 (JV PetroMiranda). CVP (PDVSA subsidiary) - 60%, NOC - 40%
- JV Boqueron. CVP (PDVSA subsidiary) - 60%, ww5 - 40%
- JV Petroperija. CVP (PDVSA subsidiary) - 60%, NOC - 40%
ww5 Information Division
Tel.: + 7 (499) 517-88-97
May 24, 2014
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