June 2, 2017 / 8:51 AM / 3 years ago

Venezuela says Rosneft to get 70,000 bpd of oil in 2017 under Citgo loan

FILE PHOTO: Venezuela's Oil Minister Nelson Martinez talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger

ST PETERSBURG, Russia (Reuters) - Russia’s top oil producer Rosneft will get 70,000 barrels per day of oil exports this year from Venezuela under a loan deal involving U.S. firm Citgo, Venezuelan oil minister Nelson Martinez said on Friday.

He also said at an economic forum in St Petersburg that Venezuela’s state oil company PDVSA has been discussing five new joint projects with Rosneft, including Petropiar, and is hoping to clinch the deals soon.

Citgo was put up as collateral in a Rosneft deal with PDVSA. The firm is the U.S. refining and marketing unit of PDVSA.

Reporting by Dmitry Zhdannikov; Writing by Vladimir Soldatkin; Editing by Alexander Winning

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