The Russian who oversees the strategic business relationship is Sechin, left, who is one of Putin’s closest lieutenants.
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At the end of 2015, managers at Rosneft, the Russian state-controlled oil firm, sounded the alarm to their bosses about the company's investments in Venezuela.Rosneft, majority owned by the Russian state, doubled down, increasing its stakes in joint ventures with PDVSA and lending more, the documents show.Rosneft has poured around $9 billion into Venezuelan projects since 2010 but has yet to break even, Reuters has calculated, based on Rosneft's annual reports, its public disclosures and the internal documents. Rosneft was part of a Russian consortium that had acquired a 40 percent share in Venezuela's Junin-6 oil field.Rosneft also had four smaller oil projects with PDVSA at that time.
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