Russian oil firm says it will keep its Venezuela assets after US military operation

"Russia's state-owned Roszarubezhneft says its Venezuelan oil assets belong to the Russian state. "All assets of Roszarubezhneft JSC in Venezuela are owned by the Russian state," the company said in a statement carried by Russian news agency TASS on Tuesday. Roszarubezhneft took over Rosneft's Venezuelan holdings in 2020 after US sanctions forced the oil giant to exit. It now holds stakes in five joint ventures with Venezuela's state oil company PDVSA."

"After the operation, President Donald Trump said the US could run Venezuela and touted plans for American oil companies to invest in the South American country's vast but rundown oil sector. Russian President Vladimir Putin has not commented publicly on the operation in Venezuela. Moscow's relationship with Caracas includes deep energy ties - a key pillar of Russia's economy - alongside defense and diplomatic cooperation."

"The company - owned by a unit of the Russian Ministry of Economic Development - said on Tuesday that the assets were acquired at full market value and approved by Venezuelan regulators. Roszarubezhneft's statement came as Venezuela's oil sector faces fresh uncertainty after the recent US raid that resulted in the capture of deposed Venezuelan President Nicolás Maduro. Investors are watching whether the tensions spill over into energy flows."

Roszarubezhneft asserts that its Venezuelan oil assets are owned by the Russian state and were acquired at full market value with Venezuelan regulatory approval. The company assumed Rosneft's Venezuelan holdings in 2020 after US sanctions forced Rosneft's exit and now holds stakes in five PDVSA joint ventures. The statement aimed to assert ownership amid uncertainty after a US military operation that captured deposed President Nicolás Maduro. President Donald Trump suggested US control and US oil investment in Venezuela's rundown sector. President Vladimir Putin has not publicly commented, while the Russian foreign ministry called for Maduro's release and dialogue. Investors are monitoring potential impacts on energy flows.

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