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Sovcomflot deals with Venezuela

Sovcomflot deals with Venezuela
Sovcomflot Group and PDV Marina company (a subsidiary of Petroleos de Venezuela SA, a national oil company) have signed a cooperation agreement, during the official visit of President Vladimir Putin in Venezuela, the press service of Sovcomflot said.

Sovcomflot, PDV Marina deal, to transport Venezuela oil

Sovcomflot Group and PDV Marina company (a subsidiary of Petroleos de Venezuela SA, a national oil company) have signed a cooperation agreement, during the official visit of President Vladimir Putin in Venezuela, the press service of Sovcomflot said.

The agreement is the development of mutually beneficial relations between the two companies in the field of the safe maritime transportation of Venezuelan oil and gas.

The agreement provides, inter alia, a feasibility study on establishing a joint venture of the PDV Marina and a Sovcomflot subsidiary, joint business operations of the Aframax and MR ships fleet.

In the future, it is expected to expand cooperation in other sectors of the market of oil tankers, ships, gas carriers and chemical tankers, as well as study other possibilities to optimize the value of exports of Venezuelan goods, more efficient operation of the fleet at work in the Venezuelan market.

The two companies" cooperation provides for the use of opportunities of the Russian shipbuilding industry, in particular the facilities of the United Shipbuilding Corporation (USC). It is assumed that Sovcomflot will assist in obtaining marine education and training for Venezuelan sailors and engineers at the USC, as well as the leading Russian maritime academies supported by Sovcomflot and Novoship.

?We see prospects for the development of mutually beneficial cooperation, as Venezuela oil products exports expand. We will be happy to use the potential of the Russian shipbuilding and marine national education ", General Director of Sovcomflot Sergey Frank said.

PDV MARINA is a subsidiary of Petroleos de Venezuela SA (PDVSA), one of the world's largest national oil companies. Founded in 1990 to ensure a safe, economical and reliable maritime transportation of crude oil and petroleum products. To achieve this objective the company develops cooperation with global shipping companies, including the creation of alliances, pools and joint ventures.

As of lately 2009, Venezuela's proven oil reserves amounted to 11.2 billion tons (7% of world reserves), natural gas - 4.1 trillion cubic meters (second place in the WH next to the U.S.). According to Clarkson's, a major brokerage firm, oil production in Venezuela in 2009 reached 2.2 million bar./day, export by sea - 1.4 million bar. /day.

Sovcomflot Group is one of the largest infrastructure companies in Russia. The Company"s fleet comprises 148 ships of total 10 million DWT. The shipbuilding project includes building of 11 vessels of total deadweight of 0.85 million tons.

www.turkishmaritime.com.tr

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