Rosneft Issues Statement On Venezuela

(Rosneft, 10.Sep.2019) — In connection with statements by US special envoy Elliott Abrams, Rosneft reaffirms its position regarding the Company’s operations in Venezuela.

Rosneft is an investor in the oil and gas sector of Venezuela and has been such long before the introduction of US sanctions against Venezuela. Accordingly, any attempt to restrict the Company or its subsidiaries in returning investments in any form permitted by law, in particular by supplying Venezuelan oil and making counter deliveries of oil products to pay off existing debt or by participating in joint ventures, would constitute unlawful expropriation of such investments with side of the American authorities. In this regard, the Company reserves the right to protect its investments in relevant national and international instances.

Moreover, the threat of imposing sanctions on the Company or its structural divisions and the simultaneous presence of a number of general licenses that allow American individuals to continue to carry out certain activities with PdVSA, including as part of existing debts or through joint ventures, can be assessed by American authorities as unfair competition aimed at gaining advantages by American companies in the global oil market.

All operations to supply Venezuelan oil in favor of the Company and its structural divisions, as well as counter deliveries of gasoline to Venezuela, are carried out within the framework of pre-paid contracts concluded before the imposition of sanctions and do not pursue any interests other than ensuring the return of previously made investments. Moreover, the main beneficiary of fuel supplies to the country is the people of Venezuela, who buy fuel supplied at government subsidized prices.

At the same time, Rosneft believes that the current statements by the US authorities are aimed at creating additional tension in the global market, which ultimately affects the investment value of the Company. Rosneft is ready to conduct an open dialogue with US authorities to clarify its position.


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