Russia sets up new oil company to potentially take over operations in Venezuela

A company specializing

A company specializing in the production and transportation of oil and gas has been set up in Russia, according to the state registry data. The new firm could take over projects in Venezuela after Rosneft sold its assets there.

Roszarubezhneft, which is owned by the Federal Agency for Government Property Management, will have an authorized capital of 322.7 billion rubles (over $4 billion). 

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