Russian Oil Companies Plan to Invest $17.6B in Venezuela

Bloomberg reported that by 2019, several oil companies in Russia would already have invested $17.6 billion in Venezuela.

As quoted in the market news:

In 2011 Venezuela entered a joint venture with Russian banks as the ruling socialist party sought to replace private oil investment with bilateral deals with allied governments such as China and Russia. Projects with Russian oil companies in Venezuela will produce 930,000 barrels a day by 2019, four times the current volume, said Ramirez.

Click here to read the full Bloomberg report.