PDVSA Partners in New JVs to Receive US$4.9bn in Shares, Vouchers

Venezuelan state oil firm PDVSA's partners in new joint ventures signed last week will receive US$4bn worth of class B shares plus US$900mn in vouchers for future energy investments in Venezuela, PDVSA president and energy and oil minister Rafael Ramirez told reporters on Monday.

The total value of the JVs is set at almost US$11bn, Ramirez said, with PDVSA holding more than US$6bn in class A shares itself.

PDVSA signed 22 joint venture agreements with 16 companies on Friday, but three companies - France's Total, Italy's Eni and Norway's Statoil - refused to accept the conditions.

PDVSA will control each JV with a 60% stake. Private companies cannot sell or trade their shares except with PDVSA.

"We are not handing out cash in any of these deals. The state's shares are class A, the majority and with a different power of decision-making," Ramirez said.

Venezuela is now producing some 3.27 million barrels a day (Mb/d) of oil, according to Ramirez, of which 372,300b/d comes from the fields covered by the newly formed JVs and another 549,001b/d from the four JVs that manufacture synthetic crude from Orinoco oil belt extra-heavy crude.

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