Russia's state oil giant OJSC Rosneft Oil Co. (Rosneft) is engaged in the exploration, development, production and sale of oil and gas, and the refining, transportation and sale of petroleum products. In 2012, the company signed a tentative memorandum of understanding for the creation of a JV focused on the development of the Carabobo-2 project with Venezuelan state oil company PDVSA. The JV will focus on the development of two fields, Carabono-2 north and Carabobo-4 west, situated in Venezuela's heavy crude oil belt. The firms are targeting 400,000b/d in production. Construction of a 200,000b/d processing facility is also covered in the agreement. Rosneft will hold a 40% stake in the venture and PDVSA the balance through its CVP subsidiary. In addition, the company has four additional JVs with Venezuela: PetroMonagas, PetroMiranda, Boqueron and Petroperija. Rosneft was incorporated in 1995 and is based in Moscow, Russia.