Russia vows to keep oil operations in Venezuela despite Trump claims

Russia's state-owned company Roszarubezhneft, which manages Russian oil assets in Venezuela, has said that it will not leave the country, despite United States President Donald Trump claiming the US will take control of Venezuela's oil exports.

Source: The Moscow Times, an independent Amsterdam-based news outlet

Details: Trump is also seeking to bring US companies into the rebuilding of Venezuela's oil sector and has demanded that the country's new authorities cut economic ties with Russia and China.

Meanwhile, Roszarubezhneft said that "the company will continue to consistently fulfil its commitments in close coordination with its international partners, giving priority to the sustainable development of joint oil production projects, infrastructure and an effective response to emerging challenges".

The company also said that all its assets were acquired on market terms, are owned by the Russian state and that it intends, together with Venezuela, "to implement joint projects and expand industrial and technological co-operation on the principles of equality, mutual respect for property and protection of investments".

Background: The Wall Street Journal reported earlier that Trump wants to cut oil prices to US$50 a barrel. His administration is preparing a far-reaching plan aimed at establishing long-term control over Venezuela's oil sector. US officials are also weighing steps to block Russia and China from Venezuela's energy sector while increasing Washington's influence over global oil supplies.

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