October
28, 2004
Russia's Lukoil plans US$1 billion investment
with Venezuela's state oil company
(AP Worldstream) - "Russian
oil giant Lukoil Holdings is planning
a US$1 billion (A€790 million) investment
with Venezuela's state-run oil company.
Andrey Kuzyaev, president of Lukoil Overseas
Holding, told reporters that Lukoil is
considering investing in oil exploration,
among other projects in Venezuela.
Kuzyaev said Lukoil plans
to sign an agreement with Pétroleos
de Venezuela S.A., or PDVSA, in the
coming months.'We're still negotiating
with PDVSA,' said Kuzyaev.
Carlos Mendoza, Venezuela's
ambassador to Russia, said Lukoil is
contemplating investments in heavy crude
refining projects, exploration and the
upgrading of less productive oil fields.
Another possibility would be a new refinery
to process heavy crude, Mendoza said.
Venezuela is the
world's No. 5 oil exporter, a major
fuel supplier to the United States and
has the largest oil reserves outside
the Middle East".
