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Putin teams up with Chavez in $2.6bn oil deal
RUSSIA has agreed to team up with Hugo Chavez to produce oil in the lucrative Venezuelan oil fields.
Russia’s state-owned venture Rosneft has signed a memo of understanding with Petróleos de Venezuela to explore blocks in the Orinoco Belt that are thought to contain up to 40bn barrels of oil.
Rosneft has paid a $440m entry bonus, with a further $660m due once a deal is done.
The firm has also offered a $1.5bn loan facility to the Venezuelan group.