Rosneft ups stake to 40%

Rosneft’s stake in the Orinoco belt project will rise to 40% from 16.7% previously, leaving PDVSA with 40%, the Russian company said.

Venezuela’s President Nicolas Maduro told a television audience that the change would bring $500 million in new investment.

Speaking during a televised ceremony attended by officials from Rosneft and PDVSA in Monagas state, Maduro said the investment came at a time of “crisis” for the industry.

The