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Rosneft Invests $500 Million in Venezuela’s Oil Industry Amid Crisis

© AP Photo / Mikhail Metzel, FileA plaque for the Rosneft Oli Company is seen outside the company headquarters in Moscow, Russia, in this file file photo dated Thursday, Oct. 18, 2012
A plaque for the Rosneft Oli Company is seen outside the company headquarters in Moscow, Russia, in this file file photo dated Thursday, Oct. 18, 2012 - Sputnik International
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Russian oil giant Rosneft has signed an agreement with Venezuela’s state-owned Petróleos de Venezuela oil and gas company (PDVSA) on additional investments in Venezuela’s oil industry in the amount of $500 million.

MEXICO CITY (Sputnik) – Venezuelan President Nicolas Maduro said on Friday as quoted by VTV (Venezolana de Televisión) that the "necessary investment for the future" comes amid a "global crisis" and "economic war."

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Maduro was speaking at the signing ceremony in Caracas attended by Rosneft and PDVSA officials.

The investment will increase Rosneft’s stake in the Petromonagas crude-processing venture, located in Venezuela’s Orinoco belt. Rosneft previously held 16.7 percent of the joint venture.

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In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years.

Up to 96 percent of Venezuela’s budget depends on oil revenues.

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