Russians Pay For Their Orinoco Oil Lottery Ticket

October 1, 2012

(Chavez with Rosneft Chief Igor Sechin)

Last week, the Russians decided to pay for their Heavy oil crude oil field lottery ticket, by paying for all of it and lending PDVSA the amount needed to finance PDVSA’s side of the deal.

You see, these Russians are being very, very clever. PDVSA has been asking most oil companies to fund PDVSA’s part of the project, but except for Italy’s ENI, most of them have balked at the idea. Even the Chinese said “bù” to Chavez on the idea, feeling that PDVSA should fund its part of the deal. The consequence is that most projects are behind because PDVSA has not fulfilled its part of the deal, mostly paying for the infrastructure related to the projects.

But the Russians have been very clever. They first bought the first half of the Junin 6 deal by bringing none other than Vladimir Putin, el hijo mesmo, to Caracas to sign the original deal and thus make it a “Government to Government” deal, harder to go back on it should the Government change,  even if other projects are similar. Except that Putin came when he was not even Primer Minister of Russia. And now that things look iffy, the smart Russians give PDVSA a US$ 1.5 line of credit to fund its size of the deal, just in case. Lock, stock and barrel Junin 6!

Come Jan. 10th., Capriles may decide to delay or postpone some of the heavy crude oil deals given to the many operators who have no clue what the Faja Heavy Oil is about, but the Russians will show their lottery ticket, winning numbers, loan, good companies like Gazprom and Rosfnet and Prime Minister Vladimir Putin attached to it.

Clever and dangerous guys these Russians are…

9 Responses to “Russians Pay For Their Orinoco Oil Lottery Ticket”

  1. CharlesC Says:

    “Typically, documents are signed in the framework of the meetings of the Commission or are confined to the visits of Heads of State or Prime Ministers. But this time, the parties did not pull. “We should have time to stake out our projects, while at the helm of Venezuela is a friend of Russia,” – explained the reasons for haste source “Ъ” in Government”

    Last week, China, this week, Russia. Chavez, even if he loses will continue until the end of the year(or, will AN wake up?)-and look at the money spent and borrowed this year alone…

  2. Kepler Says:

    OK, somehow the URL didn’t want to get here. From the link of Kommersant (business newspaper) Miguel placed above, an official of the Russian government said:

    “[as for why Venezuela has been given that line of credit for the weapons]
    [Because] Chávez is our partner and to support his regime (sic) is in Russia’s interest. He uses the petrodollars for social programmes, so we at the VTS (the Russian department of warfare-technical cooperation) can help him in a friendly manner”.

    The article talks otherwise about oil and weapons.
    Imagine the US Americans declared that to the press: “because it is in the USA’s best interest to support his regime”.

    If you want to read the rest, you can use Google tools into English. There is one word it won’t get right: Ъ is the short name for Kommersant.

    Blog author: here is the link

  3. CharlesC Says:

    “Russians give PDVSA a US$ 1.5” billion loan.
    What is another 1.5 bil anyway- just sacrificing the future…

  4. firepigette Says:

    Of course it is in Russia’s interest.Dangerous ? yes, clever, less so.Look at the state of their country.


  5. Kepler Says:

    Miguel, the message about a Russian official saying it was in Russia’s interest for Chávez to win disappeared. Because of the URL?

  6. loroferoz Says:

    Close the deal while they can… before the change in management.

  7. Roger Says:

    I saw that the Russians very much want Chavez to win. I would suspect that this move is to fatten the war chest. Just because they have a lease on some ground that has tar underneath does’t mean they bought the country. 60-40 and all that and don’t forget the nationalization of of the equipment and such. Even with a new government, it will be the same since nationalization. They better have a big budget for Vodka!

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