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Commodities

Russia sets up oil company as Rosneft leaves Venezuela

FILE PHOTO: The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City, Vietnam April 26, 2018. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Russia has sets up an oil company called Roszarubezhneft just as energy giant Rosneft sold its business in Venezuela to an undisclosed company owned by the Russian government, the data for the state registry showed on Monday.

According to the registry, Roszarubezhneft’s charter capital was set at 322.7 billion roubles ($4 billion).

A source familiar with the details told Reuters that the Russian state has cut its holding in oil giant Rosneft to below a majority stake as part of its deal to buy the group’s Venezuelan assets, announced over the weekend.

($1 = 79.4389 roubles)

Reporting by Anastasia Lyrchikova, Vladimir Soldatkin and Olesya Astakhova; Editing by Sandra Maler

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