Russian Oil Company Roszarubezhneft Seeks Control of Venezuelan Oil Exports Amid US Sanctions
Portfolio Pulse from Vandana Singh
Russian oil company Roszarubezhneft is seeking permission from Venezuela's state-run company PDVSA to control exports from their joint ventures, similar to a deal PDVSA struck with U.S. oil producer Chevron Corp (NYSE:CVX) last year. The proposal faces significant obstacles as it would require changes to Venezuelan law. The intent is to revive the cash flow from the five companies that U.S. sanctions have negatively impacted. The joint ventures are owed around $3.2 billion from sales managed by PDVSA.
June 28, 2023 | 12:20 pm
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Chevron Corp's previous deal with PDVSA is being used as a model by Roszarubezhneft for its proposal to control exports from their joint ventures. This news does not directly impact Chevron but indicates the company's strategic moves are being replicated by others in the industry.
While the news mentions Chevron Corp, it does not directly impact the company's operations or financials. However, it does highlight that Chevron's strategic moves are being considered by other players in the industry, which could indirectly influence its competitive position.
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