Russia's LUKoil to set up JV with Venezuela's PDVSA in 2008
LUKoil Overseas, the international production arm of Russia's LUKoil, will set up a joint venture with the national petroleum company of Venezuela, PDVSA, the Russian company said Wednesday.
Andrei Kuzyayev, vice-president of LUKoil, the country's largest crude producer, spoke in advance of Venezuelan President Hugo Chavez's visit to the Russian capital, due to begin Wednesday, at which the controversial socialist leader will discuss fuel and energy cooperation and prospective arms deals. The LUKoil official said the company was in negotiations with oil-rich Venezuela on further exploration of the Orinoco River basin deposit. “Additional exploration is nearing completion at the Junin-3 block,” said Kuzyayev, who was elected Wednesday Russia's top representative on the Russia-Venezuela Council of Entrepreneurs. He said that to date, only the Russian part of the council has been formed, but that the parties agreed to hold a joint session of both sides by October.
All organizational issues such as the council's structure and budget, are expected to be solved by the end of the year, he said. “Relations with Venezuela have both a political and economic basis. We must create conditions for small and medium businesses to enter (the market of) Venezuela. Large companies must become a locomotive for smaller companies,” Kuzyayev said. (rian.ru)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.