Rosneft to buy 50 percent in German firm from Venezuela

15th October 2010, Comments 0 comments

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

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