Russian Deputy Prime Minister Alexander Novak visited
Caracas last December to discuss both the volatility of the oil
market and the status of Venezuela's outstanding debts to
Russia.
(Reporting by Vivian Sequera, Deisy Buitrago and Marianna
Parraga; Writing by Oliver Griffin and Kylie Madry; Editing by
Barbara Lewis and Sonali Paul)
(Recasts with information from meeting, adds quotes)
CARACAS, March 6 (Reuters) - Venezuela has laid out a
work plan to increase crude production with Russian oil company
Rosneft, the South American country's oil minister said Monday.
Following a meeting with Rosneft president Igor Sechin,
Venezuelan Oil Minister Tareck El Aissami said on Twitter they
planned "to increase crude oil production and advance new
business opportunities".
Sechin arrived in Venezuela on Sunday to mark the tenth
anniversary of the death of the South American country's former
president Hugo Chavez, who was a close ally of Russia.
Moscow has become a lender of last resort for Caracas, with
the Russian government and Rosneft providing at least $17
billion in loans and credit since 2006.
El Aissami said Rafael Tellechea, head of state-owned
Petroleos de Venezuela (PDVSA), was at the meeting to discuss
"the prospects of the world oil market" and the "shared
challenges" of the companies in their respective nations.
Russian companies operate in Venezuela under five joint
ventures with PDVSA, producing around 80,000 barrels per day.
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