Rosneft to buy 50 percent in German firm from Venezuela
Russian state oil giant Rosneft signed an agreement with Venezuela on Friday to acquire its 50-percent stake in German energy firm Ruhr Oel GmbH during a visit by President Hugo Chavez.
The agreement was signed by Venezuala's state-owned oil giant Petroleos de Venezuela (PDVSA) and Rosneft at a ceremony in the Kremlin attended by Chavez and President Dmitry Medvedev.
Ruhr Oel GmbH was until now a joint venture between Rosneft and the German arm of British emergy firm BP. Financial details were not disclosed.
© 2010 AFP