Venezuela to receive $1.1 billion bonus payment from Rosneft

CARACAS Wed Feb 13, 2013 12:00pm EST

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CARACAS Feb 13 (Reuters) - Venezuela will receive a $1.1 billion bonus payment from Russian oil company Rosneft for a joint venture crude project in the South American OPEC nation, Energy Minister Rafael Ramirez said on Wednesday.

Venezuelan state oil company PDVSA has partnered with Rosneft to develop projects in the Orinoco extra-heavy crude belt.