Venezuela and Russia Exchange Oil Technology

Petroleos de Venezuela, S.A. (PDVSA), through its subsidiary PDVSA Industrial, S.A., signed a technology agreement with Russia's BORETS, which contemplates the organization of a mixed company that will manufacture and assembly electrosubmersible pumping systems. Based on this new agreement, a plant will be installed and put into service to manufacture and assembly submersible equipment used in the oil and gas industry. This is considered a high added value product for the Corporation. This mixed company will be governed according to the current legal framework on the hydrocarbon sector and its partners will be Petroleos de Venezuela (60%) and BORETS (40%).