Russian Consortium, PDVSA To Ink Oil JV Pact Apr 2 -Prime-Tass
March 31 2010 - 12:04PM
Dow Jones News
Russia's National Oil Consortium and Venezuela's state-owned oil
company Petroleos de Venezuela SA, or PDVSA, are expected to sign
April 2 a package of agreements setting up a joint venture to
develop the Junin-6 oil block in Venezuela, a source in the Russian
government said Wednesday according to the Prime-Tass news
agency.
The agreements are expected to be signed during Russian Prime
Minister Vladimir Putin's visit to Venezuela.
The parties plan to sign an agreement on setting up and managing
the joint venture, a foundation agreement, and charter of the joint
venture, the source said.
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 Holdings
(TNBP.RS), each with a 20% stake.
PDVSA will hold 60% in the joint venture, while the consortium
will hold 40%, Russian Deputy Prime Minister Igor Sechin said
earlier.
The Junin-6 oil block, with about 500 billion barrels of oil
reserves, 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 by 2017.
Agency Web sites: www.prime-tass.com
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