Russia sets up new oil company to potentially take over operations in Venezuela ...United Arab Emirates

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).  The company was registered in Moscow on March 28, after Russia’s oil major Rosneft announced the sale of its assets in Venezuela. On Saturday, Rosneft signed an agreement with the newly established government-run company on selling its shares and on

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