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NK Rosneft' OAO Buying TNK-BP Holding OAO's Stake in Venezuelan Joint Venture PetroMonagas-Interfax


Monday, 28 Jan 2013 10:24pm EST 

Interfax reported that NK Rosneft' OAO (Rosneft) is buying TNK-BP Holding OAO's stake in Venezuelan joint venture PetroMonagas, Venezuelan media outlets reported, citing Venezuelan Oil Minister Rafael Ramirez. Currently, TNK-BP Holding OAO (TNK-BP) holds a 16.7% stake in the joint venture, which it acquired in 2011. The remaining 83.3% belongs to Venezuelan state-owned company PDVSA. TNK-BP's rights in PetroMonagas will be transferred to Rosneft, Ramirez said. The value of the deal is not being disclosed. The sale of a stake in PetroMonagas is subject to Venezuelan government approval.In the middle of 2011, TNK-BP became a co-owner of three joint ventures with PDVSA, including PetroMonagas, which is implementing an integrated project in the Carabobo area. This project entails producing extra heavy oil, mixing that oil with a thinning agent, transporting the mixture to an extra heavy oil upgrader plant, and producing and selling synthetic oil. 

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