(AFX UK Focus) 2004-11-26 15:45 GMT:
LukOil, Venezuala's PDVSA sign MoU over oil cooperation
MOSCOW (AFX) - LukOil said it signed a memorandum of Understanding with National
Petroleum Company Petroleos de Venezuela SA (PDVSA) regarding oil projects in
the Gulf of Venezuela.
The agreement was signed during a two-day visit of president Hugo Chavez and a
delegation of ministers and business leaders in the Russian capital.
Under the deal, PDVSA will provide new upstream projects for LukOil in the so-
called heavy-oil belt of Orinoco as well as rehabilitation, enhanced oil
recovery and productivity projects on depleted fields, for possible joint
participation.
The parties will discuss the purchase of crude oil and oil products by LukOil
from PDVSA in one-off transactions and through long-term agreements as well as
possible cooperation in the area of oil refining, the Russian company said in a
statement.
The parties also plan to exchange personnel on a regular basis for the purposes
of training, re-training and professional development in various areas.
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