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Energy the cornerstone of Russian ties with Venezuela
Published: 16 October, 2010, 17:58
Edited: 18 October, 2010, 07:18
Russian President Dmitry Medvedev, right, and his Venezuelan counterpart Hugo Chavez embrace each other after signing documents during their meeting in Moscow, Russia, Friday, Oct. 15, 2010
(6.0Mb) embed videoTAGS: Markets, Oil, Retail, Gas
The ten deals signed up to by Russia and Venezuela, during the visit by President Hugo Chavez to Moscow, underline the key role of energy in the ties between the two nations.
Leaders gave the deals their blessing, in an industry where political will counts a lot. Gazprom will build a Liquified Natural Gas facility together with Petroleos de Venezuela, and Rosneft will buy the Venezuelan state energy company’s half stake in Germany's Ruhr Oel for $1.6 billion dollars.
Perhaps the most anticipated deal, energy ministers of the two nations, jointly expressed support for TNK-BP’s purchase of BP assets. Aleksander Nazarov, Senior Analyst at IFC Metropol said the news is of strategic significance for TNK-BP as it seeks to establish its own global presence.
“I would call this project as a first significant upstream project for TNK-BP abroad. And probably it will be the first success of TNK-BP upstream abroad.”
Russia will also build the South American county’s first nuclear plant. Russia has just completed Iran’s first civilian nuclear facility, and has already agreed to help build reactors in China and Turkey.
Both Russia and Venezuela suffer from too much reliance on energy, and share the desire to diversify, according to Russian President Dmitry Medvedev.
“Our trade turnover is not as big as we would like it to be. We have interesting investment plans and today we already develop a number of joint energy projects.”
But energy is what binds the countries and more announcements are expected from other Russian companies exploring the region.
15.10.2010, 17:29
Rosneft buys German refining stake from PDVSA as Chavez visit strengthens tiesRosneft has signed a deal with Petroleos de Venezuela to acquire its 50% stake in Germany's Ruhr Oel for $1.6 billion dollars. |
18.10.2010, 11:23
Banking on a future client relationshipCarlo Messina, Chief Financial Officer at leading eurozone bank, Intesa Sanpaolo, says the banking industry needs to reestablish its relationship with clients. |
Taking into account that Venezuela is a net importer of agriculture products even if given its tropical weahter it has a very rich soil, probably Russian companies can help Venezuela to be self-sufficient in food. Both agriculture and livestock are underdeveloped in Venezuela, while it could be a net exporter. Also the fishing industry and ships have to improve and both Russia and Venezuela can cooperate also in this field. Food industry: agribusiness, fishing and and livestock.
Traditionalists in the US will say it's "The Cuban Missile Crisis all over again." They are already talking about crap like that on Facebook. When will it end? People have to realize this is WWIV and it's Not about Nuclear Arms, OR Oil Or Energy...it's an Economic War and the smug leaders in America who control our economy shipped it all overseas and have lost the opening rounds in WWIV big time. We Should have let the World Economy sink into another Great Depression to see all our competitors come crawling to us for "bailouts" just like Greece was bailed out by the EU. When are people of the world going to wake up and realize there is NO "Global Economy" and that it's just 2% of the world's richest who own and run mostly everything there is on this planet. Forget about making money in the "stock market" because it's run by the "quants" and their computer driven multi-million share trades. When 'Black Friday comes' just dig a hole...that's all you'll have left.