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“Hidden deal” with secret U.S.-UK blessing: Venezuela is selling its european assets to the russians.

A view of Rosneft headquarters building in Moscow on September 11, 2006. Photo by Alexander Zemlianichenko Jr.

Russia’s TNK-BP, half owned by BP, will buy three British assets in Venezuela, according to a public statement made today by Mr. German Kahn one of the billionaire shareholders in the firm.

“We will buy 16.7 percent of Petromanagas, 40 percent of Petroperija and 26.6 percent of Bouqeron” Khan said without giving details of the cost of the agreement.

He also said that TNK-BP will complete the purchase by the end of the year.

The news comes during a visit by Venezuela’s President Hugo Chavez to Moscow, where he met with his Russian counterpart Dimitry Medvedev.

The largest oil producer in Russia, Rosneft , also announced Friday they will pay $ 1,6 billion for the participation of 50 percent of the Venezuelan state firm PDVSA in four oil refineries in Germany.

The four refinery facilities are owned by PDVSA jointly with BP.  The facilities have a combined capacity of processing 1.04 million barrels per day (bpd) and are the largest assets of Venezuela in Europe.

Two of BP’s assets to be sold to TNK-BP are the fields of light oil and Bouqeron Petroperija, mostly owned by PDVSA.