Lukoil international ops head says jv talks with PDVSA to continue beyond yr-end |
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Tue, 18 Sep 2007 13:12
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MOSCOW (Thomson Financial) - Lukoil OAO's president for overseas operations, Andrei Kuzyaev, told reporters he doubts joint venture talks with state-owned Petroleos de Venezuela (PDVSA) will be completed by the end of this year, Interfax reported.The two companies are in talks to set up a joint venture in order to develop the Junin 3 block along the Orinoco River.''However, Lukoil can't guarantee that they will be completed by the end of the year. The main reason is delays in the continuing study of the Junin-3 block,' Kuzyaev said.He added that Lukoil will take a 40 pct stake in the field, and that PDVSA will own the remaining 60 pct stake, in accordance with Venezuelan legislation on foreign investment in the oil sector.Russia's second largest crude producer is also examining sites on which to build an oil refinery, but it might not build it in Venezuela.'Both Venezuela and other Latin American countries are being considered as places to build the refinery,' Kuzyaev said.alfred.kueppers@thomson.comamk/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Venezuela setting up oil services co 