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Venezuela offers to give Rosneft control over PDVSA

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Christian Fernsby ▼ | October 18, 2019
The Venezuelan government is considering handing over complete control of the state-owned oil company Petróleos de Venezuela S.A. (PDVSA) to the Russian oil corporation Rosneft, the Venezuelan newspaper El Nacional reported, citing sources in the country’s energy sector.
LatAm   Rosneft
According to the news outlet, the Venezuelan government proposed this initiative in exchange for writing off the country’s debt to Russia.

Topics: Venezuela Rosneft PDVSA

Moscow apparently viewed the initiative positively, because it sent several commissions to Caracas to assess the situation within the PDVSA and the viability of the agreement.

According to Nacional’s sources, the Russian specialists concluded that significant layoffs would be needed in order to make the company competitive again.