11:53 GMT +317 January 2018
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    A worker checks an electrical generator from the Petroleos de Venezuela SA, or PVDSA. (File)

    Dividends of Russia-Venezuela Joint Venture Exceeded $830Mln in 2015

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    Dividends of Petrozamora, a joint oil producing enterprise of Gazprombank and Petroleos de Venezuela (PVDSA) state oil company, exceeded $830 million in 2015, Boris Ivanov, the first vice president of the Russian bank, told Sputnik.

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    MOSCOW (Sputnik) – He added that the dividends of Petrozamora had a positive impact on financial results of the Gazprombank Group.

    "The enterprises are functioning rather successfully. We are producing about 130,000 barrels of oil per day and the resource base is very large – 4.3 billion barrels of P1 type of oil reserves, so these are extractable reserves," Ivanov said in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

    Ivanov noted that despite cutting costs Petrozamora had enough money to pull through the period of price volatility.

    In February, Gazprombank said it wanted to boost cooperation with PVDSA.

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    St. Petersburg International Economic Forum (SPIEF) 2016, Gazprombank, Russia, Venezuela
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