VENEZUELA

Venezuela's current situation is not encouraging. The Oil & Gas Market has been affected by
the decline in oil prices, and by the decreasing degree of investment in the country due to the
current economic crisis that Venezuela is going through. However, relations with Russia and
China have strengthened. Venezuela has negotiated with Rosneft, through its subsidiary RN
Venezuela to continue with the Mariscal Sucre Project development for the Natural Gas
Extraction from Rio Caribe, Mejillones, Patao and Dragon Fields, and it is expected that this
company will be involved in other projects. In the same way, Venezuela will try to reach an
agreement with the China National Petroleum Corporation (CNPC) for project financing in the
west of the country.

The Rafael Urdaneta project for fields exploitation in the west of the country, as well as
projects of construction of new Fractionation Plants in Jose, Jusepin, and San Joaquin and
pipelines installation projects, do not report significant progress.

After the political situation unleashed in Venezuela with the National Assembly, Donald Trump
signed an executive order that prohibits Americans new loans approvals for the Venezuelan
government or PDVSA. Third countries decided to agree with this policy. PetroChina Americas
advised its US subsidiary not to approve loans to PDVSA after the US government imposed
sanctions against the Venezuelan regime. This resulted in the establishment of a more serious
situation. The market is still uncertainty.