Russian interests in Venezuela

Russian interests in Venezuela

During the attempted coup in Venezuela, Russia supported the incumbent President Nicolas Maduro. Economic and business-interests of Russia in this country — in reference “b”.

According to the FCS of the Russian Federation, in 2017, the trade turnover between the two countries totaled $68.4 million, of which Russian exports — $67,6 million, and imports to Russia — $754,9 thousand In January—September 2018 the volume of foreign trade between the two countries amounted to $79,4 million, of which Russian exports accounted for $78,7 million, import — $720 thousand

Venezuela is one of the largest buyers of Russian military equipment.

In 2005-2017 years, the total volume of Venezuelan purchases valued at more than $11 billion in particular, In this country was delivered to the 36 su-30MK, about 50 drums and military-transport helicopters Mi-35, Mi-17 and Mi-26, more than 120 tanks, about 240 armored fighting vehicles, several dozen RZSO “Grad” and the Tornado air defense (3 air defense missile systems S-300ВМК/”Antey-2500, 12 air defense missile system “Buk-M2”, 11 air defense missile system “Pechora-2M” and a large number of MANPADS “Igla-s”). In addition to purchasing important transactions were the construction of a factory for production of AK-103 and cartridges, and also a service center for repair of helicopters.

Russia mainly exports to Venezuela food products and agricultural raw materials, chemical products, machinery, equipment, vehicles. Import is presented mainly by food products and agricultural raw materials.

In December 2018 Russia and Venezuela have agreed to invest in the Venezuelan oil industry in the amount of more than $5 billion and deliveries in this country of 600 thousand tons of grain.

The national oil consortium (80% at “Rosneft” 20% in “Gazprom oil”) owns 40% of the Russian-Venezuelan joint venture Petromiranda (the rest of the package from the Venezuelan PDVSA), which is developing in the country field Junin-6. Geological reserves of the block — 52.6 billion barrels of oil. In 2011, Rosneft, paying $1.1 billion, was included in the project of development of the field of Carabobo-2. In addition, in 2014 Rosneft and PDVSA signed two long-term contract for the purchase of oil and oil products of Venezuelan production. In may 2017 Rosneft and PDVSA have created another SP — Perforosven, which received a share of 51%.