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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Russia interested in increasing oil production in Venezuela: Novak

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Dec 2022 21:59
3 Min Read

Russian Deputy Prime Minister announces that not only Moscow is interested in increasing production and sales of products, but Venezuela too, asks that Russian companies continue to work in the country.

  • x
  • Venezuelan oil workers take a break at El Palito refinery during the arrival of Iranian oil tanker Fortune near Puerto Cabello, Venezuela, Monday, May 25, 2020 (AP Photo/Ernesto Vargas)
    Venezuelan oil workers take a break at El Palito refinery during the arrival of Iranian oil tanker Fortune near Puerto Cabello, Venezuela, Monday, May 25, 2020 (AP Photo/Ernesto Vargas)

Russia is interested in upping oil production at operating projects in Venezuela. In turn, the latter is in favor of continuing Russian companies' work in Venezuela, Russian Deputy Prime Minister Alexander Novak said.

Novak recalled that many oil and gas companies from all over the world -- Europe, America, Russia -- worked in the country before the sanctions imposed on Venezuela, noting that everyone, except Russia, left after the sanctions.

"In the projects in we participate in, for our part, we are interested in increasing production, timely settlements, sales of products. The Venezuelans do not just confirm — they ask that our companies continue to work in Venezuela," Novak told the Rossiya 1 broadcaster.

Read: Venezuela is ready to supply the global oil and gas market - Maduro

The Biden administration has been eyeing Venezuela for its vast reserves of crude oil as an additional source of the valuable resource in light of surging fuel prices in the United States. However, Washington does not intend to blanket lift the sanctions imposed on the Latin American country, sources told Russian news agency Sputnik in November.

Related News

Al Mayadeen obtains draft barring attacks on IAEA-monitored facilities

Oil prices rise on Russia supply fears and Fed policy outlook

The United States wanted to lower gasoline prices for domestic consumers after the Organization of Petroleum Exporting Countries (OPEC+) made cuts in its production line in a bid to stabilize the global market.

Read: Eyeing its own interests, the US considers easing Venezuela sanctions

According to people familiar with the matter, the United States does not intend to offer Venezuela any sanction relief, though the country making a shift in its policy toward the private sector might allow it to recover the debt owed by the Venezuelan state-owned oil company PDVSA, which seems like a step in a direction President Nicolas Maduro is willing to take.

PDVSA stopped paying creditors in 2017 after the US imposed harsh sanctions on it as part of its sanctions on Venezuela and its people.

Meanwhile, Washington is concerned about the dependence Venezuelan refineries developed on Iranian heavy crude, especially El Palito. Iran has exported 6.8 million barrels of its heavy oil in the past six months to Venezuela's refineries.

Iranian Oil Minister Jawad Owji announced last month that the Islamic Republic launched its first overseas Iranian-built refinery in Venezuela, El Palito, which has a capacity of refining 100,000 barrels of Venezuelan crude per day.

Iran and Venezuela have managed to withstand economic pressure from the United States and have closely cooperated to offset the impact of illegal sanctions, particularly those targeting their energy sectors.

  • Russia
  • Venezuela
  • Oil Production
  • Alexander Novak

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