Rosneft invested 6 billion dollars in Venezuela

This is the advance payment of Rosneft to the state company PDVSA for oil supplies.
"Rosneft paid $ 6 billion in prepayments for the supply of oil from Venezuela," said Alexander Krstilevsky, adviser to the president of Rosneft, during a teleconference. Of these $ 6 billion, $ 5.7 billion is the body of the prepayment, and the rest is interest. But all advances are well protected, says the vice-president of Rosneft Pavel Fedorov. "We take all measures to have these prepayments in a format that has a high level of security for payments made," he said.

Deliveries under contracts with prepayment began in 2016, stated Krustilevsky. Since then, Venezuela has supplied Rosneft oil for $ 743 million, and another $ 489 million was repayment of interest, he notes. The final repayment of debts on prepayment "Rosneft" expects in 2019, new contracts are not yet expected. "Today there are no plans for further payments. But the situation may change depending on the situation with our counterparty ", - said Fedorov.

Up to this point, it was known about several pre-payments of Rosneft to the Venezuelan PDVSA for a total of $ 2.5 billion.

 On what contracts there were advances, the representative of Rosneft does not say. Now the Russian state-owned company has two contracts with Venezuelan for the purchase of oil. The first was signed in May 2014, according to which Rosneft was to buy 1.6 million tons of oil and 7.5 million tons of oil products for five years, the second in November 2014, also for five years and 1, 6 million tons of oil and 9 million tons of oil products. The third contract was signed by the company in 2015 for a period of one year with the possibility of an extension of three, but according to him, Rosneft already had to supply oil to PDVSA (which was not disclosed).

Under the first contract, shipments began as early as 2014, for several months 375 000 tons were shipped, Rosneft reported. Whether the deliveries under the second contract, and also how much oil was shipped to the "Rosneft" itself since 2014, the representative of the company has not yet spoken.

August 3, CEO of Rosneft Igor Sechin said that the company is going to increase cooperation in the energy sector of Venezuela (quoted by Tass): "As I have repeatedly said, we will never go from there and no one can drive us out."

 In Venezuela, the world's largest oil reserves - 47 billion tons, said in a BP Statistical Review report for the past year. Next - Saudi Arabia (36.6 billion tons), Russia's reserves - 15 billion tons.

The fierce confrontation between Venezuelan President Nicolas Maduro and the parliament, as well as the catastrophic situation in the country's economy, make creditors prepare for its default.

According to their estimates, Venezuela's debt exceeds $ 100 billion, of which about $ 60 billion fall on government bonds and PDVSA. According to the estimates of the investment bank Caracas Capital Markets, this year the country needs to pay off $ 5 billion of external debt, including $ 725 million in August and $ 3.5 billion on PDVSA bonds in October and November. But the currency reserves of Venezuela fell to $ 10 billion. Moreover, according to S & P Global Ratings, there are only about $ 3 billion of liquid funds there, and the rest is gold, which is difficult to sell quickly.