Rosneft terminates operations in Venezuela, sells all assets related to this activity

Source : 112 Ukraine

All assets and trading operations of Rosneft PJSC in Venezuela and / or related to Venezuela will be sold, closed or liquidated
16:58, 29 March 2020
Rosneft Oil Company announced the cessation of activities in Venezuela and the sale of assets related to activities in this country, the company’s press service said.

"Today, Rosneft has entered into an agreement on the sale of shares and termination of its participation in all projects in Venezuela with a company 100% owned by the Government of the Russian Federation. The sale includes shares in the production enterprises of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, and termination of its participation in oilfield service enterprises and trading operations," the report said.

Based on the results of the agreement, all of Rosneft’s assets and trading operations in Venezuela and / or related to Venezuela will be sold, closed or liquidated.

As a result of the execution of the agreement and the sale of assets, Rosneft PJSC will receive a package of its own shares in the amount of 9.6% on the balance of one of its 100% subsidiaries.

Due to the disruption of the OPEC + agreement, Saudi Arabia intends to increase oil production in April 2020 to 12 million barrels per day, which led to a sharp decrease in its cost and a drop in European stock markets.

So, financial markets began to lay down the likelihood of massive bankruptcies in the energy sector and the global recession after the oil price fell by 30%.

The largest drop in Europe was recorded in the Italian FTSE MIB index: -10%, and the least financial crisis affected Turkey: -4.2%. In general, the situation in European stock markets is as follows:

  • Norway: -8.9%;
  • Spain: -7.5%;
  • France: -7.2%;
  • Germany: -7.1%;
  • Netherlands: -7.1%;
  • UK: -6.8%;
  • Sweden: -6%.

Outside Europe, the situation is not better:

  • Saudi Arabia: -7.2%;
  • Australia: -6.6%;
  • Indonesia: -6.6%;
  • South Africa: -5.5%;
  • India: -5.4%;
  • Japan: -5%;
  • South Korea: -4.2%.
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