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| Roszarubezhneft, the state-owned company that acquired all of Rosneft's assets in Venezuela in 2020, wants to enjoy the same status as the oil-for-debt deal PDVSA reached with US oil producer Chevron in 2022. (Source: venezuelanalysis.com) |
On June 27, Reuters reported that Russian oil giant Roszarubezhneft has asked Venezuelan state oil company PDVSA to allow joint ventures between the two sides to directly participate in the export of crude oil and fuel, with the aim of restoring cash flow in the face of pressure from US sanctions.
Accordingly, Roszarubezhneft - the state-owned enterprise that acquired all assets of the Rosneft oil group in Venezuela in 2020 - wants to enjoy the same status as the oil-for-debt deal that PDVSA reached with the US oil production group Chevron last year.
Currently, PDVSA-appointed intermediaries handle all oil and gas exports from Roszarubezhneft’s joint ventures in Venezuela. These intermediaries enjoy the majority of revenues and profits from services provided by Roszarubezhneft.
PDVSA owes Roszarubezhneft subsidiaries about $3.2 billion in oil exports and the Russian group alone $1.4 billion from previous loans, sources said. The two sides are in dispute over these debts.
Roszarubezhneft's proposal faces several significant hurdles related to regulations governing Venezuela's oil exports, according to analysts.
In addition, PDVSA is also facing financial difficulties after Venezuelan auditors discovered that the company has not paid billions of dollars in oil export fees to its partners.
Venezuelan law gives PDVSA full control over crude and fuel exports. Last year, the company allowed Chevron to export crude from its joint ventures in Venezuela to settle outstanding debt issues between the two parties.
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