Russia counters Trump's assertion over oil in Venezuela

Pic.: clickpetroleoegas.com.br

Oil assets that Russia develops in Venezuela belong to Russia, which will continue working there, Moscow said, after U.S. President Donald Trump's claims of control over the South American country, Reuters writes.

Russia's Roszarubezhneft firm said that all the company's assets in Venezuela were the property of Russia and it would stick to its commitments to international partners there.

Roszarubezhneft, owned by a unit of the Russian Ministry of Economic Development, was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil company Rosneft (ROSN.MM), opens new tab after Washington imposed sanctions at the time on two Rosneft units for trading Venezuelan oil.

All Roszarubezhneft assets in Venezuela "are the property of the Russian state," in compliance with the laws of Venezuela, international law and agreements between the two countries, it said in a statement, according to Russia’s news agency TASS.

"All assets of Roszarubezhneft JSC in Venezuela are the property of the Russian state, having been acquired by the Russian side under market conditions, in full compliance with the legislation of the Bolivarian Republic of Venezuela, international law, and interstate agreements between Russia and Venezuela,” the Russian company said in a statement carried by TASS.

Roszarubezhneft has five oil-producing joint ventures with Venezuelan state oil firm PDVSA in Venezuela.

Roszarubezhneft plans to further develop its assets in Venezuela, the company said.

“The company will continue to strictly honor its obligations in close coordination with its international partners, focusing on the sustainable development of joint oil production projects, infrastructure, and an effective response to emerging challenges,” the Russian state-owned firm added.

Russia has long maintained close ties with Venezuela, spanning energy cooperation, military links and high-level political contacts, and Moscow has backed Caracas diplomatically for years.

In November, Venezuela's National Assembly approved a 15-year extension of the joint ventures between state company PDVSA and a unit of Russia's Roszarubezhneft that operate two oilfields in the South American country's western region.

Trump has openly spoken of controlling Venezuela's vast oil reserves, the world's largest, in conjunction with U.S. oil companies, after arresting and jailing Venezuelan President Nicolas Maduro, whom he has described as a drug-trafficking dictator in league with Washington's foes.

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