Russia, Venezuela Agree To Set Up Oil Production JV -Prime-Tass
February 01 2010 - 11:52AM
Dow Jones News
Russia's National Oil Consortium and Venezuela's state-owned oil
company Petroleos de Venezuela SA have signed an agreement to set
up a joint venture to develop the Junin-6 oil block in Venezuela,
Russian Prime Minister Vladimir Putin said Monday, according to the
Prime-Tass news agency.
The National Oil Consortium was created to conduct operations of
Russian oil and gas companies in Venezuela. The members of the
consortium are Rosneft (ROSN.RS), OAO Gazprom (GAZP.RS), Lukoil
Holdings (LKOH.RS), Surgutneftegas (SNGS.RS), and TNK-BP Holding
(TNBP.RS), each with a 20% stake.
Investments in the Junin-6 project are expected to amount to
over $10 billion, Russian Energy Minister Sergei Shmatko said.
The Junin-6 oil block is located in Venezuela's Orinoco River
region. The oil output at the block is expected to amount to
450,000 barrels of heavy oil a day.
Agency Web site: www.prime-tass.com
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