Roszarubezhneft's five joint ventures now must rely on PDVSA-designated intermediaries that take a large share of the revenues for their services, the people said. The joint ventures are owed about $3.2 billion from sales handled by PDVSA, one of the people said.
Roszarubezhneft, Russia's oil ministry, PDVSA and Venezuela's oil and foreign affairs ministries did not reply to requests for comment. Rosneft declined to comment. Approval of Roszarubezhneft's request could provide Russia with an additional source of cash at a time when Western sanctions for the war in Ukraines and deepened a budget deficit. It also could help PDVSA make progress toward its goal of raising Venezuela's oil output by 40% this year.
Any change to the hydrocarbons law would require the blessing of President Nicolas Maduro's United Socialist Party, which dominates Venezuela's National Assembly.