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33

Rosneft creates foreign investment vehicle

Russia's largest oil company Rosneft has established a subsidiary for investment in its overseas projects, RN-Foreign Investments, the company said on Wednesday

Rosneft creates foreign investment vehicle Rosneft creates foreign investment vehicle

The subsidiary was officially formed on November 13, 2010, the company said adding Rosneft was the only owner.

Rosneft is implementing projects in Venezuela, Kazakhstan and Algeria. In mid-October, Rosneft signed a $1.6 billion purchase agreement with Venezuelan state oil company Petroleos de Venezuela SA (PDVSA) for a 50 percent stake in Ruhr Oel, which owns four refineries in Germany.

The purchase deal, which will help Rosneft increase its refining capacity by 11.6 million tons per annum, will be closed in the first quarter of 2011, Rosneft said.

Source : RIA Novosti