US Special Representative Elliott Abrams said during a press briefing on Tuesday that a decision by Rosneft on Venezuela is the company's reaction to collapse of oil prices
WASHINGTON (Pakistan Point News / Sputnik - 31st March, 2020) US Special Representative Elliott Abrams said during a press briefing on Tuesday that a decision by Rosneft on Venezuela is the company's reaction to collapse of oil prices.
On Saturday, the Russian oil company said that it was stopping all activities in Venezuela and selling all of the relevant assets to a company fully owned by the Russian government. In exchange, Rosneft will receive 9.6 percent of its own shares.
"We did see this maneuver with Rosneft last week," Abrams said. "Rosneft is now losing money. Its joint ventures can't sell crude oil for profit... I think it's a clear reaction to the collapse of oil prices and the oil sector in Venezuela."
