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Rosneft lent PDVSA over $1bn in April

Russian oil giant has now lent Venezuelan state player up to $5 billion in recent years, report says

Russian state oil producer Rosneft in April made a $1.015 billion advance payment to Venezuelan state player PDVSA under a crude oil purchase agreement with the company, Rosneft said in a quarterly financial report on Friday.

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Opec member Venezuela is struggling to pay back creditors as its socialist economy endures triple-digit inflation and chronic shortages of food and medicine.

Russia is a close political ally of Venezuela's leaders. Rosneft chief executive Igor Sechin said earlier this year his company, the world's top listed oil firm by output, would continue to work in Venezuela and would never leave the country. .

Rosneft has lent PDVSA between $4 billion and $5 billion in recent years, according to earlier Reuters calculations.

Rosneft also said in its financial report on Friday that it had made advanced payments in 2016 to PDVSA worth an equivalent of a total of $1.485 billion.