[Goldfisch]

Lukoil Plans Investment With Venezuela

Russia's Lukoil Plans $1 Billion Investment With Venezuela's State Oil Company
CARACAS, Venezuela Oct 28, 2004 — Russian oil giant Lukoil Holdings is planning a $1 billion joint investment with Venezuela's state-run oil company, a top Lukoil official said Thursday.

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 Petroleos de Venezuela S.A., or PDVSA, in the coming months.

"We're still negotiating with PDVSA," said Kuzyaev, who declined to give additional details.

Carlos Mendoza, Venezuela's ambassador to Russia, said Lukoil is contemplating investments in heavy crude refining projects, exploration and the upgrade of less productive oil fields.

A possible new refinery to process heavy crude is another possibility, Mendoza said.

Venezuelan President Hugo Chavez has sought to attract new investments in the energy sector from countries such as Russia and Iran.

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.

Quelle: ABC News