Rosneft will reportedly invest $500mln in Venezuela

Russia’s top oil producer Rosneft is to invest another $500 million as it raises its stake in the Petromonagas joint venture in Venezuela’s Orinoco Belt region to 40 percent, President Nicolas Maduro said on Friday.
That is the maximum stake foreign partners are allowed to hold in joint ventures with Venezuelan state oil firm PDVSA. Further details were not immediately available.
Rosneft originally had a 16.7 percent stake in the Petromonagas venture.
Reuters reported last June that PDVSA and the Russian oil major were negotiating a financing deal under which Rosneft would lend its South American counterpart $5 billion, a source close to the negotiations said.